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IFC LAUNCHES GREEK DRACHMAE GLOBAL MEDIUM TERM NOTES OFFERING


Phone: (202) 458-4698
Fax: (202) 974-4384
E-mail: bjanssen@ifc.org


WASHINGTON, D.C., April 30, 1998 -- On April 29th, the International Finance Corporation (IFC) launched a Greek Drachmae 10 billion (US$31,770,000 million equivalent) issue under its Global Medium Term Note program. The 10-year notes carry an annual coupon of 6.50 percent per annum and an issue price of 99.20 percent. The proceeds of the issue will be swapped in US dollars floating rate funds. The lead manager is Royal Bank of Canada Dominion Securities Inc.

This transaction brings IFC’s market borrowing to about US 3,870 million for the fiscal year 1998 which began on July 1, 1997.


IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector companies in developing countries. Its long-term debt is rated triple A by both Standard & Poor’s and Moody’s Investors Service.