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
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.