The Inter-American Development Bank (IADB) priced a $2 billion global bond at 99.708%. The issue included a semi-annual coupon set at 7%, maturing in 2003. Deutsche Bank and Goldman Sachs managed the bond. This is the development bank’s second $2 billion issue this year aimed at attracting more investors in the United States. The IADB has raised $5.7 billion so far this fiscal year to fund development projects in Latin America and the Caribbean.

The World Bank will invest $1 million to help establish Guyana’s first merchant bank, Guyana Americas Merchant Bank (GuyAm Bank). Secure International Finance Inc. and the Guyana Bank for Trade and Industry will provide additional capital investment for the new bank. The project’s goal is to foster growth in the country’s business sector and increase international competition.