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WASHINGTON - THE World Bank said on Thursday it sold US$6 billion (S$9 billion) worth of bonds - its biggest ever issue - to finance aid programmes to countries struggling with the global economic crisis. 'The World Bank's conservative capital structure and finances puts it in an excellent position to help its members sustain key development programmes through this very tough economic environment,' said World Bank treasurer Kenneth Lay. 'We've been able to scale up quickly to help countries address the financing gaps faced by many, and today's deal makes a notable contribution to that effort.' The three-year global bonds pay 2 per cent, which amounts to a 2.09 per cent yield for investors. The bond issue was managed by Citigroup, HSBC, JPMorgan Chase and Royal Bank of Scotland. The funds go to the Bank's poverty-fighting International Bank for Reconstruction and Development, to help fund investments in developing countries dealing with the impacts of the global financial crisis. -- AFP
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