Press Release: IMF Signs SDR 500 Million Borrowing Agreement with De Nederlandsche Bank NV to Support Lending to Low-Income Countries
IMF News, August 4, 2010
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- Press Release: IMF Signs SDR 500 Million Borrowing Agreement with De Nederlandsche Bank NV to Support Lending to Low-Income Countries
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Bibliographic details
- Published: August 4, 2010
Agreement details
- Borrowing agreement signed between the International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and De Nederlandsche Bank NV.
- The Kingdom of the Netherlands will provide the PRGT with up to SDR 500 million (about US$766.6 million) in new loan resources for low-income countries.
- Agreement signed on July 27, 2010.
- Press Release dated August 4, 2010.
Purpose and intended use
- Expand the IMF’s capacity to help low-income countries hit hard by the current global crisis.
- Increase the loan resources available for the recently reformed concessional lending facilities administered through the PRGT.
Context and related actions
- The Executive Board’s approval of the PRGT reforms occurred in July 2009.
- Following that approval, the Managing Director launched a fund-raising campaign.
- Fund-raising campaign targets:
- SDR 10.8 billion in new bilateral loan resources
- SDR 0.2–0.4 billion in bilateral subsidy contributions
- The signing of the SDR 500 million agreement is presented as part of efforts to meet those fund-raising objectives.
Key statistics and dates
- SDR 500 million
- about US$766.6 million
- Signed on July 27, 2010
- Press Release date: August 4, 2010
- Executive Board approval: July 2009
- Fund-raising targets: SDR 10.8 billion; SDR 0.2–0.4 billion
Source: Press Release No. 10/309 (August 4, 2010).