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ADB Lowers Lending Rates, Increases Rebates

MANILA, PHILIPPINES (8 January 2003) - The Asian Development Bank (ADB) has lowered its lending rates for US dollar and multi-currency pool-based loans for the period of 1 January to 30 June 2003.

For US dollar pool-based loans, the lending rate has been reduced to 6.31% per annum from 6.34% per annum. This reflects the average cost of borrowings for the pool of 5.71% per annum from 1 July 2002 to 31 December 2002 and a lending spread of 0.60 % per annum.

For multi-currency pool-based loans, the lending rate has been lowered to 2.74% per annum from 3.91% per annum. This reflects the average cost of borrowings for the pool of 2.14% per annum during the period from 1 July 2002 to 31 December 2002 and a lending spread of 0.60% per annum.

For US dollar London Interbank Offered Rate (LIBOR)-based loans billed with a rate of LlBOR plus 0.60% per annum during the period of 1 July 2002 to 31 December 2002, the rebate has been increased to 0.39% per annum from 0.36% per annum.

For Japanese yen LIBOR-base loans that were billed with a rate of LIBOR plus 0.60% per annum during the period of 1 July to 31 December 2002, the rebate has been raised to 0.39% per annum from 0.16% per annum.

More at adb.org/media

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