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.
