Announcement of Eighty Million Dollars Loan for Development Finance Company in India on July 7, 1977

,• World Bank IU1H H Street. N.W., Washington, D.C. 20433,'-U.S.A, • Telephone: (202) 393-6360 BANK NEWS RELEA$E NO. 78/3 JULY 7, 1977 $80 HILLION LOAN FOR DEVELOPMENT FINANCE COMPANY iN INDIA The World Bank today announced the approval of a loan of $80 million to the Industrial Credit and Investment Corporati0n of India (ICICI), a development finance company. The loan will help finance the foreign exchange cost of ICICl's investments in productive enterprises. The World Bank has been closely associated with ICICI since its inception in 1955. This long association has resulted in substantial Bank resources being channeled to priority investments in India's private • industry. The Bank also has been a partner in ICICl's institutional development by supporting continuing improvements in project appraisal, supervision and evaluation, and by encouraging wider geographic dispersion of ICICI 's investment. The Bank loan of $80 mi 11 ion is the twelfth to ICICI (163, Backbay Reclamation, Bombay 400 020, India) and brings the total of such assistance to $505 million. It will help meet ICICl's foreign exchange requirements through 1979. The loan to ICICI will have the guarantee of the Government of India and carry interest at the rate of 8.2%. It will be for a maximum of 17 years, including three years' grace, to be adjusted according to the amortization schedule of stJb-projects . • NOTE: Monetary figures are expressed in US do!lar equivalents.