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IFC LAUNCHES GREEK DRACHMA GLOBAL MEDIUM TERM NOTES OFFERING


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


WASHINGTON, D.C., January 5, 1999 --- On January 4, 1999, the International Finance Corporation launched a Greek Drachma 20 billion borrowing (approximately US$72 million) in the Euromarket issued under its Global Medium Term Note program. The issue was increased by GRD 15 billion (approximately US$54 million) today. The 3-year notes carry an annual coupon of 6.50 percent and an issue price of 101.22 percent.   The proceeds of the issue were swapped into US dollar floating rate funds.  The lead manager for the issue is Royal Bank of Canada Dominion Securities Inc.

This transaction represents the twenty-third borrowing for the fiscal year which began on July 1, 1998, and brings IFC's market borrowings for the fiscal year to about US$3,353 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.