[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111807-en":3,"doc-seo-111807-105":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},111807,1374391974468,"Eden","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after October 1, 2025 - Rate Update Summary","Quarterly memorandum updating IBRD’s lending rates and spreads under the standard loan pricing framework. It sets the average funding spreads for the IBRD Flexible Loan (IFL) for the period from October 1, 2025 to December 31, 2025, detailing differences across EUR, JPY, USD and other-currency denominated loans. The memo provides background on the IFL product, the reference-rate options by currency, and explains the IFL variable spread components, including reference rate pass-through, average funding spread, contractual lending spread, and maturity premium.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President October 28, 2025  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after October 1, 2025  \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  \nThe Average Funding Spreads applicable to the IBRD Flexible Loan (IFL) effective between October 1, 2025 and December 31, 2025 have been determined based on the reference rates at the following levels2 :  \n• EUR denominated loans: positive 5 bps;  \n• JPY denominated loans: negative 3 bps;  \n• loans denominated in USD and other currencies: positive 43 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.182, July 1, 2025., and Directive “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5.09-DIR.149, July 1, 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.  \nOfficial Use Only  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between October 1, 2025 and December 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 FY26 Country Groups for IBRD Pricing) .11  \nThe maturity premium schedule offers Borrowers the flexibility to choose the desired maturity at the differentiated pricing level. Table 1 provides the details of the pricing group-specific maturity premium schedule12. The details of rate structure and current pricing of the IFL Variable Spread are provided below in this section.  \nIFL Variable Spread  \nThe pricing principle of the IFL Variable Spread is to pass thr","cbCaifN88jYL8HHZ","https://ap.wps.com/l/cbCaifN88jYL8HHZ","pdf",360429,1,9,"English","en",105,"# Rate Update Summary\n## Background\n## IBRD Flexible Loan Rates and Spreads\n### Maturity Premium\n### IFL Variable Spread","[{\"question\":\"What is the purpose of this memorandum on IBRD lending rates and spreads?\",\"answer\":\"It provides the quarterly update of IBRD’s lending rates and spreads according to the standard loan pricing policy and directive for bank financing.\"},{\"question\":\"Which average funding spreads apply to the IBRD Flexible Loan for Oct 1, 2025 to Dec 31, 2025?\",\"answer\":\"EUR loans have a positive 5 bps spread, JPY loans have a negative 3 bps spread, and USD and other-currency loans have a positive 43 bps spread.\"},{\"question\":\"How is the IFL Variable Spread constructed?\",\"answer\":\"It is built from components including the reference rate pass-through (rr), the average funding spread relative to rr (afs), the contractual lending spread (cls), and the maturity premium (mp).\"}]",1784491802,23,{"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-october-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-october-1-2025-rate-update-summary/111807/",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 is the purpose of this memorandum on IBRD lending rates and spreads?","Question",{"text":75,"@type":76},"It provides the quarterly update of IBRD’s lending rates and spreads according to the standard loan pricing policy and directive for bank financing.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which average funding spreads apply to the IBRD Flexible Loan for Oct 1, 2025 to Dec 31, 2025?",{"text":80,"@type":76},"EUR loans have a positive 5 bps spread, JPY loans have a negative 3 bps spread, and USD and other-currency loans have a positive 43 bps spread.",{"name":82,"@type":73,"acceptedAnswer":83},"How is the IFL Variable Spread constructed?",{"text":84,"@type":76},"It is built from components including the reference rate pass-through (rr), the average funding spread relative to rr (afs), the contractual lending spread (cls), and the maturity premium 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