Inter-American Development Bank
The Inter-American Development Bank has made a public offering of 250 million Deutsche marks (about $106.4 million) of its 15-year bonds in Germany. The bonds bear interest at a rate of 6 percent per annum and will be offered at par.
The offering is being underwritten by a group of banks led by Deutsche Bank A.G.
The bonds will be redeemed at par on April 15, 2001. International Finance Corp.
The International Finance Corp., through its agent, Banco Roberts S.A., will provide a variable-rate, $10 million line of credit for Argentine medium-sized private sector enterprises that are too small to receive direct support from IFC.
Banco Roberts will lend IFC's medium-term funds on behalf of IFC, along with its own short-term loans for matching amounts. IFC will assume the credit risk on its loans, which have a limit of $1.5 million.
Only those Argentine companies having total assets of $30 million equivalent or less will be eligible for participation in the program, with emphasis placed on agricultural and agro-industries, manufacturing industries, export-oriented industries and service industries. Asian Development Bank
The Asian Development Bank has approved a $100 million line of credit to the Industrial Credit and Investment Corp. of India Ltd. (ICICI). This is the ADB's first loan to India.
The loan will help ICICI meet part of the medium- and long-term foreign exchange requirements of private industry and will be used largely to help modernize existing industrial production facilities.
ICICI estimates that the loan will generate annual foreign exchange earnings and savings of about $92.9 million and create 5,300 new jobs.