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ADB Raises US Dollar Lending Rates, Lowers Rates for Japanese Yen Loans

MANILA, PHILIPPINES (6 July 2005) - The Asian Development Bank (ADB) has increased its lending rates for US dollar pool-based loans and reduced rates for Japanese yen pool-based loans.

From 1 July to 31 December 2005, the lending rate for US dollar pool-based loans will increase to 6.14% from 6.06%. This reflects the average cost of borrowings - 5.74% per annum from 1 January to 30 June 2005 plus a spread of 0.40% per annum (this represents a lending spread of 0.60% points less a waiver of 0.20%).

During the same period, the lending rate for Japanese yen pool-based loans will fall to 1.71% from 1.73%. This reflects the average cost of borrowings for the pool of 1.31% per annum from 1 January to 30 June 2005 plus a spread of 0.40% per annum (this represents a lending spread of 0.60% points less a waiver of 0.20%).

Separately, ADB announced its rebate for ADB LIBOR-based loans. For US dollar LIBOR-based loans that were billed with a rate of LIBOR plus 0.40% during the period from 1 January to 30 June 2005, the rebate is 0.32% per annum, a reduction from the 0.35% rebate for the last period.

For Japanese yen LIBOR-based loans that were billed with a rate of LIBOR plus 0.40% per annum during the period of 1 January to 30 June 2005, the rebate is 0.39% per annum, which is unchanged from the last period.

The rates reflect ADB's average costs of borrowings dedicated to LIBOR-based loans in their respective currencies.

The Asian Development Bank is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 63 members, with 45 from the region. In 2004, it approved loans and technical assistance totaling $5.3 billion and $196.6 million, respectively.

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