[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110520-en":3,"doc-seo-110520-105":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},110520,8796095461564,"Liam","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after July 1, 2022","Quarterly update memorandum detailing IBRD’s lending rates and spreads applicable to loans with rate setting between July 1, 2022 and September 30, 2022. Explains average funding spreads for the IBRD Flexible Loan under updated alternative reference rates, including EUR and USD/other currencies. Provides background on the transition away from LIBOR, the switch to SOFR, SONIA, TONA and EURIBOR, and how variable and fixed spread loans adopt the new reference rates based on reset dates.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President July 18, 2022  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after July 1, 2022  \nRate 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 July 1, 2022 and September 30, 2022 have been determined based on the new applicable alternative reference rates at the following levels2 :  \n• EUR denominated loans: negative 3 bps;  \n• loans denominated in USD and other currencies: positive 49 bps.  \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 In the preparation for phase-out of LIBOR globally beginning January 1, 2022, the Bank has implemented several measures in its lending policies. First, 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  \nFurther, in accordance with the decision of the Executive Directors on modifications to IBRD and IDA new loan offerings and on the timeline for the existing loans switch-over to new Reference Rates6,7,8, effective  \n1 Policy “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5 .09-POL. 175, July 1, 2022, and Directive “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5.09-DIR.137, July 1, 2022.  \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 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.  \nfrom January 1, 2022, IBRD has replaced the Reference Rates for new IFL approvals from the 6-month LIBOR to the following alternative reference rates:  \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) .  \nFor the existing Variable Spread Loans (VSL), replacement of LIBOR rates has been effective since January 1, 2022 and will apply on the first loan rate reset date falling on or after such date. For the existing Fixed Spread Loans (FSL) denominated in GBP, JPY and EUR, replace","cbCaitYHjuBsfg51","https://ap.wps.com/l/cbCaitYHjuBsfg51","pdf",283765,5,1,11,"English","en",105,"# Rate Update Summary\n# Background\n# IBRD Flexible Loan Rates and Spreads\n## Maturity Premium","[{\"question\":\"What period does this memorandum cover for lending rates and spreads?\",\"answer\":\"It covers IBRD loans with rate setting between July 1, 2022 and September 30, 2022.\"},{\"question\":\"What are the average funding spreads for IBRD Flexible Loan for the specified period?\",\"answer\":\"For EUR-denominated loans the average funding spread is negative 3 bps, and for USD and other-currency loans it is positive 49 bps.\"},{\"question\":\"How has IBRD replaced LIBOR for new IFL approvals starting January 1, 2022?\",\"answer\":\"It replaced the 6-month LIBOR with alternative reference rates: SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.\"}]","IBRD Lending Rates and Spreads Applicable on or after July 1, 2022 | PDF",1784485818,28,{"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-july-1-2022","",{"@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-july-1-2022/110520/",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","2026-07-31","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 this memorandum cover for lending rates and spreads?","Question",{"text":77,"@type":78},"It covers IBRD loans with rate setting between July 1, 2022 and September 30, 2022.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"What are the average funding spreads for IBRD Flexible Loan for the specified period?",{"text":82,"@type":78},"For EUR-denominated loans the average funding spread is negative 3 bps, and for USD and other-currency loans it is positive 49 bps.",{"name":84,"@type":75,"acceptedAnswer":85},"How has IBRD replaced LIBOR for new IFL approvals starting January 1, 2022?",{"text":86,"@type":78},"It replaced the 6-month LIBOR with alternative reference rates: SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.","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"]