[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109995-en":3,"doc-seo-109995-105":31,"detail-sidebar-cat-0-en-105":93},{"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":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109995,1099514068365,"Aurelia","https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after January 1, 2020","Memorandum dated January 24, 2020 summarizes IBRD lending rates and spreads for IBRD loans for the period between January 1, 2020 and March 31, 2020. It explains IBRD’s IBRD Flexible Loan (IFL) pricing framework, including variable and fixed spread structures over a currency-specific reference rate. The note details how maturity premium, contractual lending spread, and average funding spread are set and updated, and presents the variable spread schedules by average maturity and pricing groups, including adjustments from the prior quarter.","Public Disclosure Authorized  \nPublic Disclosure Authorized  \nJanuary 24,2020  \nMemorandum  \nSubiect:IBRD Lending Rates and Spreads Applicable on or after January 1,2020  \n# I.Introduction\n\nIBRD promotes poverty reduction and supports sustainable economic and institutional development ofmember countries by providing financing and related operational assistance through its three main financinginstruments-Investment Project Financing,Development Policy Financing,and Program-for-Results.  \nIBRD currently offers financing of these instruments through one loan product,the IBRD Flexible Loan(IFL),to eligible members.1,2 IFL is made available with a wide choice of financial terms that are tailoredto the needs of the financing or the member country's overall debt management strategy.The standardfinancing terms of IFL can be categorized as(i)IFL Variable Spread,featuring variable spreads over amarket reference rate(\"Reference Rate\"),and(ii)IFL Fixed Spread,featuring fixed spreads over theReference Rate.The Reference Rate varies by currency and currently is 6-month LIBOR for USD,JPYandGBP and 6-month EURIBOR for EUR,subject to a replacement in certain circumstances,including theoutcome ofthe current Interbank Offered Rates (IBOR)reform.³  \nIBRD provides the Executive Directors and Borrowers with regular updates of the lending rates and spreadsapplicable to its loan products as set out in the terms of each product.The rate updates are pursuant to thestandard loan pricing as defined in the Bank Policy and Directive Financial Terms and Conditions of BankFinancing.4 This note summarizes the lending rates and spreads applicable to IBRD loans with rate settingbetween January 1,2020,and March 31,2020.  \n# II.IBRD Flexible Loan Rates and Spreads\n\nIBRD differentiates its loan pricing based on national income and other factors of each Borrower(seeAnnex 2)through the maturity premium.⁵Borrowers are classified into four pricing groups,whoseapplicable maturity premium is differentiated by exemptions,discounts or surcharges specific to eachpricing group.The classification of the member countries by pricing group is updated annually and becomes  \neffective on July 1 of each year(see Annex 2 for FY20 Country Groups for IBRDPricing).  \nThe maturity premium schedule applies uniformly to both IFLVariable Spread and IFL Fixed Spread termsand offers Borrowers the flexibility to choose a desired maturity at the differentiated pricing level.6 Tables1 and 2 provide the details of the pricing group-specific maturity premium schedules.The details of ratestructure and current pricing of IFLs are provided in sections A and B below.  \n## A.IFL Variable Spread\n\nThe pricing principle of IFL Variable Spread is to pass through changes in IBRD's funding cost toBorrowers.The IFL Variable Spread consists of the following components:  \nwhere  \nrr=Reference Rate,which varies by currency choice;  \nafs=average funding spread relative to the Reference Rate (rr),which is calculated every January 1,April 1,July 1 and October 1,based on the actual average funding cost incurred during the preceding six-monthperiod;  \ncls=contractual lending spread,approved by the Executive Directors and reviewed annually;andmp=maturity premium charged on loans based on average maturities,Borrower's income and other factors,approved by the Executive Directors and reviewed annually.  \nAmong these components,the contractual lending spread (cls)and the maturity premium (mp)aredetermined at loan signing⁷and remain constant over the life of the loan;the Reference Rate (rr)and theaverage funding spread (afs)are determined on each interest rate reset date and are applicable for thefollowing six months.The afs component is recalculated and announced on a quarterly basis.8 Thecalculation frequency of afs does not affect the schedule of loan interest rate resets which for most loansoccur on repayment dates twice a year.  \nTable 1 below summarizes the variable spreads currently available for new commitments a","cbCaigAmi6bheh4v","https://ap.wps.com/l/cbCaigAmi6bheh4v","pdf",1231215,5,1,11,"English","en",105,"# I. Introduction\n# II. IBRD Flexible Loan Rates and Spreads\n## A. IFL Variable Spread\n## B. IFL Fixed Spread","[{\"question\":\"What period does the memorandum cover for IBRD lending rates and spreads?\",\"answer\":\"It covers lending rates and spreads applicable to IBRD loans with rate setting between January 1, 2020 and March 31, 2020.\"},{\"question\":\"How is the IBRD Flexible Loan (IFL) variable spread constructed?\",\"answer\":\"The variable spread passes through changes in IBRD’s funding cost and is composed of the reference rate, average funding spread, contractual lending spread, and maturity premium components.\"},{\"question\":\"How are components such as the reference rate and average funding spread updated over time?\",\"answer\":\"The reference rate and average funding spread are determined on each interest rate reset date and apply for the following six months, while the average funding spread is recalculated and announced quarterly.\"}]","IBRD Lending Rates and Spreads Applicable on or after January 1, 2020 | PDF",1784483377,28,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"ibrd-lending-rates-and-spreads-applicable-on-or-after-january-1-2020","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/ibrd-lending-rates-and-spreads-applicable-on-or-after-january-1-2020/109995/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What period does the memorandum cover for IBRD lending rates and spreads?","Question",{"text":77,"@type":78},"It covers lending rates and spreads applicable to IBRD loans with rate setting between January 1, 2020 and March 31, 2020.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How is the IBRD Flexible Loan (IFL) variable spread constructed?",{"text":82,"@type":78},"The variable spread passes through changes in IBRD’s funding cost and is composed of the reference rate, average funding spread, contractual lending spread, and maturity premium components.",{"name":84,"@type":75,"acceptedAnswer":85},"How are components such as the reference rate and average funding spread updated over time?",{"text":86,"@type":78},"The reference rate and average funding spread are determined on each interest rate reset date and apply for the following six months, while the average funding spread is recalculated and announced quarterly.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]