Britain is paying back the rest of its World War I debt, nearly a century after it was issued.

The U.K. government on Wednesday said it would repay the £1.94 billion ($3.04 billion) War Loan in full in early March, in a move expected to result in interest savings for the Treasury.

The decision also marks a payday for bondholders, which include major money managers but also thousands of members of the public who bought or inherited the bonds.

“This is a moment for Britain to be proud of. We can, at last, pay off the debts Britain incurred to fight the World War I,” said Chancellor of the Exchequer George Osborne.

The War Loan, a slice of perpetual debt with no fixed maturity date and a 3.5% coupon, was issued in 1932 to refinance war debt first sold in 1917 amid a patriotic campaign to fund the war effort.