WASHINGTON, D.C., May 11, 2000
, The International Finance Corporation today launched a Eurosterling 250 million borrowing (approximately US$375 million) under its Global Medium Term Note program. The notes which mature December 8, 2003 carry a coupon of 6.625 percent and an issue price of 99.79 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager was HSBC Markets Limited.
This transaction represents IFC's 7th pound sterling borrowing for the 2000 fiscal year which began on July 1, 1999, and brings IFC's market borrowings for FY00 to about US$4 billion. 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. IFC's long-term debt is rated triple-A by both Standard & Poor's and Moody's Investors Service.