WASHINGTON, D.C., July 14, 1999 --- The International Finance Corporation has launched a South African Rand 100 million borrowing (approximately US$16.3 million) under its Global Medium Term Note program. 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. The lead manager was Toronto Dominion Securities, London.
This transaction on July 12, 1999 represents the third borrowing for the fiscal year 2000, and brings IFC's market borrowings for FY00 to about US$266 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.
