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PRESS RELEASE October 31, 2003

The World Bank Launches EUR Inflation-Linked Bond

Washington, DC, October 31, 2003 - The World Bank launched a Euro 50 million bond, with a coupon linked to an inflation index after two years. The bond was placed with European investors - mostly Italian investors. 

The lead manager was Morgan Stanley. Banca Akros SpA was the joint-lead manager. The underlying index for coupons linked to inflation is the "Indice Nazionale Dei Prezzi al Consumo per le Famiglie di Opera e Imegniati al Netto dei Consumi di Tabacchi" published by the Italian Central Institute ("ISTAT"), as specified in the terms of the bond. 

Further characteristics are:

Settlement date: December 2, 2003
Original maturity: 12 years, due December 2, 2015
Issue price: 100%
Denomination: EUR 1,000
Interest payment dates: December 2 each year
Form of Notes: Bearer
Listing: Luxembourg
Clearing systems: Euroclear or Clearstream

The World Bank's bond products and investor presentation can be accessed through the website of the World Bank for bond investors (