WASHINGTON, D.C., June 1, 1999 — The International Finance Corporation has launched a Eurosterling 150 million borrowing (approximately US$ 240 million) under its Global Medium Term Note program. The 5-year notes carry a coupon of 5.75 percent and an issue price of 99.511 percent. The proceeds of the issue were swapped into US dollar floating rate funds. Warburg Dillon Read was the lead manager.
This transaction is the 31st borrowing for the 1999 fiscal year which began on July 1, 1998, and brings IFC's market borrowings for FY99 to about US$ 4,225 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.