How much does the World Bank borrow in the capital markets every year?
The International Bank for Reconstruction and Development (IBRD), generally referred to as the World Bank, is one of the largest international borrowers in the world. It is also one of the most frequent international bond issuers with hundreds of transactions per year. The World Bank was founded in 1944 and issued its first bond in 1947. Since then, it has continuously developed innovative debt products, opened up new markets for issuance, and built-up a broad investor base around the world. Bonds issued by the World Bank are AAA-rated (highest possible bond rating) by Moody´s and S&P. The World Bank’s borrowing requirements are primarily determined by its lending activities for development projects. As World Bank lending has changed over time, so has its annual borrowing program. In fiscal year 2008, the World Bank issued debt securities for a total volume equivalent to US$19 billion. For fiscal year 2009 and beyond, annual bond issuance is expected to be between US$30 and US$35 billi
