WASHINGTON, D.C., May 7, 1999 --- The
International Finance Corporation today launched a PLN (polish zloty)100
million borrowing (approximately US$ 25.6 million) under its Global Medium
Term Note program. The 2-year notes carry a coupon of 10.75 percent and
an issue price of 100.32 percent. The proceeds of the issue were swapped
into US dollar floating rate funds. The issue was lead managed by Deutsche
Bank AG and the syndicate group comprised of Deutsche Bank AG, Bank Austria,
Commerzbank Capital Markets, DG Bank, Hypovereinsbank, ING Bank, Societe
Generale and Toronto Dominion Securities.
This transaction represents the 29th borrowing for the 1999 fiscal year
which began on July 1, 1998, and brings IFC's market borrowings for FY99
to about US$ 3,947 million. The funds which IFC raises in the international
capital markets are used to support the operations of IFC, including funding
its lending operations.
IFC, part of the World Bank Group, fosters economic growth in the developing
world by financing private sector investments, mobilizing capital in the
international financial markets, and providing technical assistance and
advice to governments and businesses. Its long-term debt is rated triple-A
by both Standard & Poor's and Moody's Investors Service.