WASHINGTON, D.C., September 19, 2000
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The International Finance Corporation launched on September 18, 2000 a Japanese Yen 10 billion retail-targeted borrowing (approximately US$93.4 million) under its Global Medium Term Note program. The notes, which mature October 2, 2003, carry a coupon of 5.00 percent and an issue price of 99.98 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The issue was lead managed by Daiwa SBCM.
This transaction represents IFC's first Japanese Yen dual currency borrowing for the 2001 fiscal year which began on July 1, 2000, and brings IFC's market borrowings for FY01 to about $1.9 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 emerging markets, 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.
