The Asian Development Bank last week signed an agreement with the Export-Import Bank of Japan to provide cofinancing for ADB projects in the Asian-Pacific region.

The agreement was signed at the ADB's Manila headquarters by ADB President Masao Fujioka and Masao Murata, executive director of the Ex-Im Bank of Japan, last week.

The Ex-Im Bank of Japan has agreed to make funds available to the ADB from its loan facility. The interest rate on the loans will be determined in yen. It is expected to be about 4.9 percent annually, the ADB said. The loans will be available to ADB developing member countries.

"The loan will be unique, in that Eximbank Japan traditionally finances exports from {countries} that import to Japan, but in this case funds will be completely untied," said Eiichi Watanabe, ADB cofinancing manager.

Countries will be able to use the funds to finance exports to other developing member countries or to strengthen their own economy. The agreement does not commit the ADB to any obligations, the bank said.

The Inter-American Development Bank recently made a public offering in the Netherlands of 10-year bonds worth 200 million Dutch guilders. The bonds have an interest rate of 6.5 percent a year and are priced at 101 percent, the bank said.

The issue, equivalent to about $98.6 million, is the eighth public bond issue placed by the bank for its interregional capital resources in the Netherlands market. It is being underwritten by a syndicate led by the Algemene Bank Nederland N.V. of the Netherlands. It will be dated June 15 and will be redeemed in one payment at maturity, the bank said.