World Bank Cuts Interest Rate
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Associated Press
WASHINGTON — Interest on loans made by the World Bank at variable rates will be cut for the next six months to an annual 8.82%, saving poor borrowing countries about $30 million, the bank announced today.
The bank is owned by 148 governments, with the United States holding the biggest block of shares. It is the largest source of international aid for poor countries. Its lending rate for the previous six months was 9.29%.
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