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ADB Lowers Lending Rates for US Dollar and Multicurrency Loans

MANILA, PHILIPPINES (8 January 2004) - The Asian Development Bank (ADB) has lowered its lending rates for both US dollar and multi-currency pool-based loans.

For the period from 1 January to 30 June 2004, the lending rate for US dollar pool-based loans will drop to 6.27% per annum from 6.31%. This reflects the average cost of borrowings - 5.67% per annum - from 1 July to 31 December 2003 plus a spread of 0.6% per annum.

During the same period, the lending rate for multi-currency pool-based loans will fall to 2.13% from 2.46%. This reflects the average cost of borrowings for the pool of 1.53% per annum from 1 July to 31 December 2003 and a lending spread of 0.6% per annum.

Separately, ADB announced its rebate rates for ADB LIBOR-based loans. For US dollar LIBOR-based loans billed with a rate of LIBOR + 0.6% per annum between 1 July and 31 December 2003, the rebate has been raised to 0.35% from 0.33% per annum. For Japanese yen LIBOR-based loans billed with a rate of LIBOR + 0.6% per annum from 1 July to 31 December 2003, the rebate remains unchanged at 0.39% per annum. These rebate rates reflect the spreads of ADB's costs of borrowings dedicated to LIBOR-based loans in their respective currencies.

More at adb.org/media

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