[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111112-en":3,"doc-seo-111112-105":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},111112,687197100911,"Himbo","https://ap-avatar.wpscdn.com/avatar/a000239b6f1da00475?x-image-process=image/resize,m_fixed,w_180,h_180&k=1782698725881665579",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after January 1, 2025 - Rate Update Summary","Quarterly update memorandum on IBRD lending rates and spreads under the Bank Policy and Directive “Financial Terms and Conditions of Bank Financing”. It specifies the average funding spreads for the IBRD Flexible Loan (IFL) for the January 1, 2025 to March 31, 2025 period, differentiating EUR, JPY, and USD/other currency denominated loans. It also outlines the IFL structure, maturity premium approach by borrower pricing groups, and the applicable reference rates used for variable spread calculations, including SOFR, SONIA, TONA, and EURIBOR, plus related policy context.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President January 27, 2025  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after January 1, 2025 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 January 1, 2025 and March 31, 2025 have been determined based on the reference rates atthe following levels2 :  \n• EUR denominated loans: positive 2 bps;  \n• JPY denominated loans: negative 16 bps;  \n• loans denominated in USD and other currencies: positive 44 bps.  \nI. Background  \nIBRD offers financing through one loan product, the IFL, to eligible members.3, 4 The IFL is currently available in the form of the IFL Variable Spread, featuring variable spreads over the Reference Rate.5  \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) .  \n1 Policy “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5 .09-POL. 181, December 23, 2024., and Directive “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5.09-DIR.147, January 9, 2025.  \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.  \n6 “Proposed Modifications to IBRD and IDA New Loan Offers and Proposed Timeline for the Existing Loans Switchover to New Market Reference Rates in the Context of LIBOR Transition,” R2021-0129, June 23, 2021.  \n7 “Proposed Modifications to the IBRD and IDA General Conditions to add flexibility in reference rate replacement provisions,” R2018-0235, October 18, 2018.  \n8 “Proposal to Manage IBOR Transition Risks in IBRD Loan and IDA Non-concessional Financing Agreements Governed by General Conditions Prior to December 2018,” R2020-0029/1, March 3, 2020.  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between January 1, 2025 and March 31, 2025.  \nII. IBRD Flexible Loan Rates and Spreads9  \nMaturity Premium: IBRD differentiates its loan pricing based on national income and other factors of each Borrower (see Annex 2) through the maturity premium. 10 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) . Country group eligibility for pricing group A was expanded to include all countries currently eligible for the Climate Resilient Debt Clause (CRDC) effective October 15, 2024.11  \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. The details of rate structure and current pr","cbCaikudK9ra9x7u","https://ap.wps.com/l/cbCaikudK9ra9x7u","pdf",573986,1,9,"English","en",105,"# Rate Update Summary\n## Background\n## IBRD Flexible Loan Rates and Spreads\n## IFL Variable Spread","[{\"question\":\"What period does this 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, 2025 and March 31, 2025.\"},{\"question\":\"How are average funding spreads differentiated across loan currencies for the IFL?\",\"answer\":\"For January 1, 2025 to March 31, 2025, EUR loans have a positive 2 bps spread, JPY loans have a negative 16 bps spread, and USD and other currency loans have a positive 44 bps spread.\"},{\"question\":\"What reference rates are used for the IFL Variable Spread?\",\"answer\":\"The memorandum lists SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.\"}]",1784488652,23,{"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-january-1-2025-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-january-1-2025-rate-update-summary/111112/",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 lending rates and spreads applicable to IBRD loans with rate setting between January 1, 2025 and March 31, 2025.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How are average funding spreads differentiated across loan currencies for the IFL?",{"text":80,"@type":76},"For January 1, 2025 to March 31, 2025, EUR loans have a positive 2 bps spread, JPY loans have a negative 16 bps spread, and USD and other currency loans have a positive 44 bps spread.",{"name":82,"@type":73,"acceptedAnswer":83},"What reference rates are used for the IFL Variable Spread?",{"text":84,"@type":76},"The memorandum lists SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.","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"]