WASHINGTON, D.C., August 3, 1999 ---
The International Finance Corporation increased its South African Rand (ZAR) borrowing originally launched July 12, 1999 by an additional ZAR 150 million, bringing the total principal amount of the borrowing to ZAR 250 million (approximately US$39.7 million equivalent). The increase as well as the original borrowing was issued under IFC's Global Medium Term Note program. The lead manager of the issue was Toronto Dominion Bank. 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.
This transaction represents IFC's eighth borrowing for the 2000 fiscal year which began on July 1, 1999, and brings its market borrowings for FY00 to about US$736 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.
