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We have developed a highly nonlinear fiber made of the Bi2O3-based glass. From four-wave mixing measurements, the nonlinear coefficient is estimated to be γ = 64.2 W-1 km-1. The propagation loss is less than 0.8 dB/m, and it can be fusion-spliced to SiO2 fibers. These characteristics are very attractive for applications of the Bi-fiber to all-optical signal processing devices.