WASHINGTON, D.C., August 3, 1999 ---
The International Finance Corporation increased its South African Rand
(ZAR) borrowing originally launched July 12, 1999 by an additional ZAR
150 million, bringing the total principal amount of the borrowing to ZAR
250 million (approximately US$39.7 million equivalent). The increase as
well as the original borrowing was issued under IFC's Global Medium Term
Note program. The lead manager of the issue was Toronto Dominion Bank.
The 5-year notes carry a coupon of 13.75 percent and an issue price of
101.025 percent. The proceeds of the issue were swapped into US dollar
floating rate funds.
This transaction represents IFC's eighth borrowing for the 2000 fiscal
year which began on July 1, 1999, and brings its market borrowings for
FY00 to about US$736 million. The funds which IFC raises in the international
capital markets are used to support the operations of IFC, including funding
its lending operations.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides 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.