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MANILA, PHILIPPINES (7 July 2004) - The Asian Development Bank (ADB) has lowered its lending rate for US dollar pool-based loans.
For the period 1 July to 31 December 2004, the rate will drop to 6.09% from 6.27% per annum in the previous half-year. While the average cost of borrowings during the first half of 2004 of 5.69% per annum was 0.02% higher than in the previous half-year, 0.20% per annum of the lending spread was waived.
On 29 April 2004 the conversion of the multi-currency pool-based loans to Japanese yen pool-based loans was completed. For the period 1 July to 31 December 2004 the lending rate for Japanese yen pool-based loans will be 1.93% per annum. This is 0.20% per annum lower than in the previous half-year due entirely to the waiver of the lending spread. The average cost of borrowings during the first half of 2004 has remained at 1.53% 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 + 0.60% per annum between 1 January and 30 June 2004, the rebate is unchanged at 0.35%. For Japanese yen LIBOR based loans billed with a rate of LIBOR + 0.60% per annum from 1 January to 30 June 2004, the rebate also 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.
ADB 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 - 45 from the region. In 2003, it approved loans and technical assistance amounting to US$6.1 billion and US$177 million, respectively.
More at adb.org/media