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IDA Funding Program

IDA Press Release

IDA Plans New Bills Program to Expand Impact Investment Opportunities for Short-Term Investors

London, February 12, 2019—The International Development Association (IDA, rated Aaa/P-1 and AAA/A-1+ by Moody’s and S&P) today announced the development of the IDA Bills Program to issue short-term debt instruments, offering a new alternative for investors to support IDA’s life-changing programs in 75 countries with the lowest per capita incomes. As a new issuer, IDA will be introducing new offerings to meet a wide range of investor needs. The program will be based on the ICMA standard form European Commercial Paper (ECP) documentation and is expected to comply with the Short-Term European Paper (STEP) Market Convention.

World Bank Vice President and Treasurer Jingdong Hua said, “IDA’s historic debut issuance last year received a resounding response from the market, and we hope to see the same level of support for the IDA Bills Program and other products we will introduce in the coming months. As we grow IDA’s borrowing program, we are deliberately focusing on meeting investor needs with a range of long and short-term debt products across currencies. We look forward to partnering with investors to make a positive impact in the lives of hundreds of millions of people around the globe.

IDA’s borrowing program is managed by the World Bank Treasury. IDA was established in 1960 and entered the capital markets for the first time in April 2018 with an inaugural USD 1.5 billion benchmark bond. IDA’s decision to access capital market financing leverages its strong financial position—including an unparalleled equity base, a strong track record of loan repayment, and shareholder commitment to regular capital injections.

The IDA Bills Program will initially target up to USD 2 billion equivalent outstanding.  IDA Bills will be issued with a maximum maturity of 364 days and in a variety of currencies, including the Chinese renminbi, euro, Japanese yen, pound sterling, and the U.S. dollar.

IDA has selected Barclays, Bank of America Merrill Lynch, Citibank and NatWest Markets as potential dealers for the IDA Bills Program, and Citibank as the program arranger. 

IDA’s balance sheet is denominated in Special Drawing Rights, or SDR, an international reserve asset based on a based on a basket of five currencies—the Chinese renminbi, euro, Japanese yen, pound sterling, and the U.S. dollar. IDA’s borrowing program will reflect its funding needs in all five currencies.

Funding raised from the market will complement continued shareholder support to enable IDA to significantly expand its life-changing investments. IDA provides technical expertise and low-cost financing for projects and programs that boost economic growth and reduce poverty in the world’s poorest countries—from tackling conflict, fragility and violence; forced displacement; climate change; and gender inequality to promoting governance, institution building, creating jobs and supporting private sector for economic transformation.

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.

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 the world’s poorest countries. Established in 1960 and overseen by 173 shareholder nations, IDA has supported development work in 113 countries. Annual commitments have averaged about USD 18 billion over the last three years. Proceeds of IDA bonds support sustainable development projects and programs in IDA’s eligible member 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