[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111433-en":3,"doc-seo-111433-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111433,5909877438554,"Maeve","https://ap-avatar.wpscdn.com/avatar/5600025385ad2bf12a7?_k=1778553567797529272",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after April 1, 2024 Rate Update Summary","Quarterly memorandum updating IBRD lending rates and average funding spreads for IBRD Flexible Loans (IFL) for the period from April 1, 2024 through June 30, 2024. The update applies standard loan pricing under the Bank Policy and Directive “Financial Terms and Conditions of Bank Financing,” using new alternative reference rates. It reports funding spread levels by currency (EUR, JPY, USD and other currencies), describes the maturity premium structure and borrower pricing groups, and notes the removal of the Single Borrower Limit surcharge effective April 9, 2024.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President April 23, 2024  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after April 1, 2024 Rate Update Summary  \nThis memorandum provides the quarterly update of IBRD’s lending rates and spreads pursuant to the standard loan pricing as defined in the Bank Policy and Directive “Financial Terms and Conditions of Bank Financing”.1 The Average Funding Spreads applicable to the IBRD Flexible Loan (IFL) effective between April 1, 2024 and June 30, 2024 have been determined based on the new applicable alternative reference rates at the following levels2 :  \n􀁸 EUR denominated loans: positive 1 bps;  \n􀁸 JPY denominated loans: negative 27 bps;  \n􀁸 loans denominated in USD and other currencies: positive 45 bps.  \nManagement introduced a separate calculation of the Average Funding Spread for JPY denominated loans as of April 1, 2024 in line with existing practice of calculating the Average Funding Spread for the EUR denominated loans (refer to “IFL Variable Spread” in Section II below) .  \nI. Background  \nIBRD promotes poverty reduction and supports sustainable economic and institutional development of member countries by providing financing and related operational assistance through its three main financing instruments – Investment Project Financing (IPF), Development Policy Financing (DPF), and Program-forResults (PfR) .  \nIBRD offers financing of these instruments through one loan product, the IFL, to eligible members. 3,4 The offering of the IFL Fixed Spread and related spread-fixing conversion features was suspended effective from April 1, 2021, so IFL is currently only available in the form of the IFL Variable Spread, featuring variable spreads over the Reference Rate.5  \n1 Policy “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5 .09-POL. 178, July 1, 2023, and Directive “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5.09-DIR.140, July 1, 2023.  \n2 Please see Table 1 for detailed information.  \n3 Aside from IFLs, there are a few historic currency pool-based products, which have been discontinued but require rate resetting in IBRD’s portfolio. The only outstanding currency pool loans (CPL) with variable rate terms are the loans to Zimbabwe, which are currently in non-accrual status. There are also IFL and CPL loans whose rates are fixed for the life of the loan through conversion and hedging.  \n4 In addition, IBRD offers other financial products, including conversions and risk management/hedging products, guarantees, and disaster risk financing.  \n5 “Proposal to Suspend the Offering of Fixed Spread Loans and Spread-Fixing Conversions in the Context of LIBOR Transition”, R2020-0243/2, December 21, 2020.  \nOfficial Use  \n2  \nIBRD currently offers IFLs with the following Reference Rates6,7,8 :  \n• USD: Secured Overnight Financing Rate (SOFR);  \n• GBP: Sterling Overnight Index Average (SONIA);  \n• JPY: Tokyo Overnight Average Rate (TONA);  \n• EUR: Euro Interbank Offered Rate (EURIBOR) .  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between April 1, 2024 and June 30, 2024.  \nII. IBRD Flexible Loan Rates and Spreads  \nMaturity Premium: IBRD differentiates its loan pricing based on national income and other factors of each Borrower (see Annex 2) through the maturity premium.9 Borrowers are classified into four pricing groups, whose applicable maturity premium is differentiated by exemptions, discounts or surcharges specific to each pricing group. The classification of the member countries by pricing group is updated annually and becomes effective on July 1 of each year (see Annex 2 for FY24 Country Groups for IBRD Pricing) .  \nThe maturity premium schedule offers Borrowers the flexibility to choose a desired maturity at the differentiated pricing level. Table 1 provides the details of the pricing group-specific maturity premium schedule. T","cbCaivMKefPnkMBA","https://ap.wps.com/l/cbCaivMKefPnkMBA","pdf",961221,1,9,"English","en",105,"# Rate Update Summary\n## Funding Spread Levels by Currency\n## Background on IBRD Financing Instruments and IFL\n## Reference Rates for IFL\n# IBRD Flexible Loan Rates and Spreads\n## Maturity Premium and Pricing Groups\n## Single Borrower Limit Change","[{\"question\":\"What period does this memorandum cover for IBRD lending rates and spreads?\",\"answer\":\"It covers rate and spread applicability from April 1, 2024 to June 30, 2024.\"},{\"question\":\"How are average funding spreads determined for the IFL during this update?\",\"answer\":\"They are determined based on new applicable alternative reference rates, with reported levels differing by currency.\"},{\"question\":\"What change to the Single Borrower Limit pricing was approved on April 9, 2024?\",\"answer\":\"The Board approved removing the IBRD Single Borrower Limit surcharge from IBRD pricing effective April 9, 2024.\"}]",1784490112,23,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"ibrd-lending-rates-and-spreads-applicable-on-or-after-april-1-2024-rate-update-summary","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/ibrd-lending-rates-and-spreads-applicable-on-or-after-april-1-2024-rate-update-summary/111433/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What period does this memorandum cover for IBRD lending rates and spreads?","Question",{"text":75,"@type":76},"It covers rate and spread applicability from April 1, 2024 to June 30, 2024.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How are average funding spreads determined for the IFL during this update?",{"text":80,"@type":76},"They are determined based on new applicable alternative reference rates, with reported levels differing by currency.",{"name":82,"@type":73,"acceptedAnswer":83},"What change to the Single Borrower Limit pricing was approved on April 9, 2024?",{"text":84,"@type":76},"The Board approved removing the IBRD Single Borrower Limit surcharge from IBRD pricing effective April 9, 2024.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]