## IMF and the Banco de España Amend Agreement to Increase Lending to Low-Income Countries by an Additional SDR 750 Million

_IMF News, October 28, 2020_

## Source details

**Canonical URL:** [IMF and the Banco de España Amend Agreement to Increase Lending to Low-Income Countries by an Additional SDR 750 Million](https://www.imf.org/en/news/articles/2020/10/28/pr20324-imf-banco-de-espana-amend-agreement-increase-lending-lics-by-additional-sdr-million)

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## Bibliographic details
- Published: October 28, 2020

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### Summary
- The Banco de España agreed to provide an additional SDR 750 million (US$ 1.06 billion) to the IMF’s Trust benefitting low-income member countries.
- The total loan contribution under the amended 2017 borrowing agreement was increased to SDR 1.2 billion (US$ 1.7 billion).
- The amendment became effective on July 1, 2020, and constitutes Spain’s seventh loan contribution to the Poverty Reduction and Growth Trust (PRGT).

### Contribution details and key figures
- Additional loan amount: SDR 750 million (US$ 1.06 billion).
- Total loan amount after amendment: SDR 1.2 billion (US$ 1.7 billion).
- Amendment effective date: July 1, 2020.
- This is Spain’s seventh loan contribution to the PRGT.

### Context, objectives, and implications
- The amendment supports the PRGT, benefitting the IMF’s low-income member countries.
- The contribution places Spain among the first providers of new PRGT loan resources under the accelerated fundraising campaign launched in response to COVID-19 related demand for the Fund’s concessional resources.
- The Managing Director launched the accelerated fundraising campaign in April 2020 with a target of SDR 12.5 billion in new bilateral loan resources.
- Spain’s loan resources are described as a critical element toward sustaining the Fund’s concessional lending operations over the medium-term.

### Timeline and campaign
- Original borrowing agreement referenced: 2017 borrowing agreement (see Press Release No. 17/155).
- Campaign launch: April 2020.
- Campaign target: SDR 12.5 billion in new bilateral loan resources.
- Amendment effective: July 1, 2020.

### Media contact
- Press Release No.: 20/324
- Date: October 28, 2020
- IMF Communications Department — MEDIA RELATIONS
- PRESS OFFICER: Wafa Amr
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- Twitter: @IMFSpokesperson

*Source: Press Release No. 20/324, October 28, 2020.*

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## References

- [Spain and the IMF](http://www.imf.org/external/country/ESP/index.htm)
- [Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [(see Press Release No. 17/155),](https://www.imf.org/en/News/Articles/2017/05/09/pr17155imf-and-spain-sign-sdr-450-million-borrowing-agreement-to-support-lending-to-lic)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/10/28/pr20324-imf-banco-de-espana-amend-agreement-increase-lending-lics-by-additional-sdr-million_