## Press Release: IMF Signs SDR 405 Million Borrowing Agreement with the Bank of Spain to Support Lending to Low-Income Countries

_IMF News, February 19, 2010_

## Source details

**Canonical URL:** [Press Release: IMF Signs SDR 405 Million Borrowing Agreement with the Bank of Spain to Support Lending to Low-Income Countries](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1050)

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## Bibliographic details
- Published: February 19, 2010

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### Agreement details
- IMF, as Trustee of the Poverty Reduction and Growth Trust (PRGT), signed a borrowing agreement with the Bank of Spain.
- The Bank of Spain will provide the Trust with SDR 405 million (about US$617 million) in new loan resources for low-income countries.
- The agreement was signed on December 17, 2009.
- Press Release No. 10/50; published February 19, 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.

### Fund-raising context and related reform timeline
- Following the Executive Board’s approval of reforms in July 2009, the Managing Director launched a fund-raising campaign seeking:
  - SDR 9 billion in new bilateral loan resources
  - SDR 0.2-0.4 billion in bilateral subsidy contributions
- Reference to related announcement: Press Release No. 09/268.

### Institutional update: PRGT
- The Poverty Reduction and Growth Trust (PRGT) replaced the former Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust.
- The Executive Board decision making the PRGT effective date: January 7, 2010.
- The loan resources provided under the agreement are now held in the PRGT.

*International Monetary Fund, Press Release No. 10/50, February 19, 2010.*

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## References

- [Spain and the IMF](http://www.imf.org/external/country/ESP/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release No. 09/268](https://www.imf.org/external/np/sec/pr/2009/pr09268.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1050_