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IDA Funding Program

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IDA Issues its First Floating Rate Note in Norwegian Krone

WASHINGTON, DC, November 16, 2023 – The International Development Association (IDA, Aaa/AAA) today issued a Norwegian krone 5-year floating rate benchmark bond that raised NOK 3 billion. The bond matures on November 16, 2023. This is IDA’s first floating rate transaction.

The deal was placed primarily with banks, bank treasuries, and asset managers in Norway.  Nordea Bank Abp and SEB are the joint lead managers for the transaction.

IDA bond proceeds support the financing of projects and programs in eligible IDA countries to advance the Sustainable Development Goals in line with the vision to create a world free of poverty on a livable planet.  

“With this Norwegian krone benchmark IDA expands its market presence by offering investors a variety of currencies and products. With this benchmark, for the first time, NOK investors contribute to the financing of IDA's sustainable development initiatives through a floating rate instrument,” said  Jorge Familiar, Vice President and Treasurer, World Bank.

Joint Lead Manager Quotes 

“We would like to congratulate IDA on their inaugural floating rate note transaction in the Norwegian market. It is very rewarding to see funding for IDA’s borrowing member countries being generated in one of our Scandinavian home markets and to see investors actively participating in this mission,” said Anna Sjulander, Head of Public Sector and SSA Origination at SEB.

"Nordea is proud to have acted as a lead manager in IDA's NOK 3 billion 5-year floating rate note issuance. This is IDA's first FRN format transaction in the NOK market and illustrates the support from the Norwegian investor base for IDA’s mission,” said Kamal Grossard-Amin, Head of SSA Origination at Nordea.

Transaction Summary


International Development Association (IDA)

Issuer rating:



NOK 3,000,000,000


Registered, Reg S

Settlement date:

November 16, 2023

Maturity date:

November 16, 2028

Issue price:


Issue yield / DM:

3m NIBOR+19bps


3m NIBOR+19bps p.a., payable quarterly in arrear


NOK 10,000


Luxembourg Stock Exchange

Lead managers:

Nordea Bank Abp and SEB



This press release does not constitute or form part of and should not be construed as an offer for sale or issue or the solicitation of an offer to buy or acquire the securities described in any jurisdiction or an inducement to enter into investment activity. No part of this press release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The offering and sale of the securities described in this document are subject to restrictions under the laws of several jurisdictions. Securities may not be offered or sold except in compliance with all such laws.

Net proceeds of the securities described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs. Payments on the securities described herein are not funded by any particular project or program.

About IDA

The International Development Association (IDA), rated Aaa/P-1 and AAA/A-1+ (Moody’s/S&P), is one of the largest sources of funding for fighting extreme poverty in the world’s poorest countries. Since its establishment in 1960, IDA has provided over US$400 billion for investments in over 100 countries. As an institution of the World Bank Group, IDA combines global expertise with an exclusive focus on reducing poverty and boosting prosperity. Proceeds of IDA bonds support sustainable development projects and programs in IDA eligible countries. Projects and programs supported by IDA are designed to achieve a positive social impact and undergo a rigorous review and internal approval process aimed at safeguarding equitable and sustainable economic growth. Information on IDA bonds is available at


Heike Reichelt, Head of Investor Relations and Sustainable Finance, World Bank Treasury, +1 202 477 2880