[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110044-en":3,"doc-seo-110044-105":31,"detail-sidebar-cat-0-en-105":92},{"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},110044,7971461741311,"Ophelia","https://ap-avatar.wpscdn.com/avatar/74000253aff267980c6?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345379180704826",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after July 1, 2020 - Summary","Memorandum dated July 23, 2020 summarizes the lending rates and spreads applicable to IBRD loans with rate setting between July 1, 2020 and September 30, 2020. It explains how IBRD provides financing through Investment Project Financing, Development Policy Financing, and Program-for-Results using the IBRD Flexible Loan (IFL), including Variable and Fixed Spread structures over a currency-specific reference rate such as 6-month LIBOR or 6-month EURIBOR. The note details how updates follow standard bank policy, and how maturity premiums differ by pricing groups based on national income and other factors.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President July 23, 2020  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after July 1, 2020  \nI. Introduction  \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 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 tailored to the needs of the financing or the member country’s overall debt management strategy. The standard financing terms of IFL can be categorized as (i) IFL Variable Spread, featuring variable spreads over a market reference rate (“Reference Rate”), and (ii) IFL Fixed Spread, featuring fixed spreads over the Reference Rate. The Reference Rate varies by currency and currently is 6-month LIBOR for USD, JPY and GBP and 6-month EURIBOR for EUR, subject to a replacement in certain circumstances, including the outcome of the current Interbank Offered Rates (IBOR) reform.3, 4  \nIBRD provides the Executive Directors and Borrowers with regular updates ofthe lending rates and spreads applicable to its loan products as set out in the terms of each product. The rate updates are pursuant to the standard loan pricing as defined in the Bank Policy and Directive Financial Terms and Conditions of Bank Financing.5 This note summarizes the lending rates and spreads applicable to IBRD loans with rate setting between July 1, 2020 and September 30, 2020.6, 7  \n1 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.  \n2 In addition, IBRD offers other financial products, including conversions and hedging products, guarantees, and disaster risk financing.  \n3 “Proposed Modifications to the IBRD and IDA General Conditions to add flexibility in reference rate replacement provisions,” R2018-0235, October 18, 2018.  \n4 The Executive Directors have approved the initiative of the omnibus amendment process with borrowers to revise the reference rate replacement provisions for loan and financing agreements governed by the pre-2018 General Conditions to be in line with the 2018 General Conditions.“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.  \n5 Policy “Financial Terms and Conditions of Bank Financing,” July 15, 2020, and Directive “Financial Terms and Conditions of Bank Financing,” July 15, 2020.  \n6 For financing provided under the World Bank COVID-19 Response, there are no change to regular loan terms, except for certain waivers ofthe commitment and standby fees and reduction of the front-end fees for certain DDOs, which are not within the scope of this document.“Proposal for a World Bank COVID-19 Response under the Fast Track COVID-19 Facility,” R2020-0068, IDA/R2020-0087, March 12, 2020; “COVID-19 Strategic Preparedness and Response Program (SPRP) Utilizing the Multiphase Programmatic Approach”, R2020-0079, IDA/R2020-0098, March 27, 2020.  \n7 Under the Financial Sustainability Framework decisions for FY21, the average repayment maturity for certain operations has been limited to 8 years.“IBRD adjustment to the financial terms of certain operations in FY21,” June  \nII. IBRD Flexible Loan Rates and Spreads  \nIBRD differentiates its loan pricing based o","cbCait5SAQBZLgAQ","https://ap.wps.com/l/cbCait5SAQBZLgAQ","pdf",688810,4,1,11,"English","en",105,"# I. Introduction\n# II. IBRD Flexible Loan Rates and Spreads\n## A. IFL Variable Spread","[{\"question\":\"What is the time period covered for the IBRD lending rates and spreads?\",\"answer\":\"The note summarizes rates and spreads for IBRD loans with rate setting between July 1, 2020 and September 30, 2020.\"},{\"question\":\"How does the IBRD Flexible Loan (IFL) pricing structure work?\",\"answer\":\"IFL pricing is offered as either a Variable Spread or a Fixed Spread over a Reference Rate, with the Reference Rate varying by currency.\"},{\"question\":\"What determines the maturity premium for IBRD loans?\",\"answer\":\"Maturity premium is differentiated by borrower pricing groups, which are based on national income and other factors, with schedules applied uniformly to both Variable and Fixed Spread terms.\"}]","IBRD Lending Rates and Spreads Applicable on or after July 1, 2020 - Summary | PDF",1784483619,28,{"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":87,"head_meta":89,"extra_data":91,"updated_unix":29},"ibrd-lending-rates-and-spreads-applicable-on-or-after-july-1-2020-summary","",{"@graph":37,"@context":86},[38,54,69],{"@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":20},"https://docshare.wps.com/document/ibrd-lending-rates-and-spreads-applicable-on-or-after-july-1-2020-summary/110044/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-08-01","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is the time period covered for the IBRD lending rates and spreads?","Question",{"text":76,"@type":77},"The note summarizes rates and spreads for IBRD loans with rate setting between July 1, 2020 and September 30, 2020.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"How does the IBRD Flexible Loan (IFL) pricing structure work?",{"text":81,"@type":77},"IFL pricing is offered as either a Variable Spread or a Fixed Spread over a Reference Rate, with the Reference Rate varying by currency.",{"name":83,"@type":74,"acceptedAnswer":84},"What determines the maturity premium for IBRD loans?",{"text":85,"@type":77},"Maturity premium is differentiated by borrower pricing groups, which are based on national income and other factors, with schedules applied uniformly to both Variable and Fixed Spread terms.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"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":107,"slug":139},19,"General","general"]