MDB Project Finance Lending Rates

Current coverage: Asia (all regions)

Currencies: USD, CNY

Last update: 2025-12-15 01:30 PHST with rates as of 2025-12-14

Next scheduled update: 2026-01-01 with rates as of 2025-12-31

NB: We are currently reviewing our APR calculations for Pakistan and Sri Lanka.

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USD Loan Rates

Indicative, expressed as Annual Percentage Rate (APR)

Country	Region	ADB	AIIB	World Bank
Cambodia	Southeast Asia	1.43%	5.70%	3.10%
Indonesia	Southeast Asia	5.27%	5.70%	5.82%
Lao PDR	Southeast Asia	1.43%	5.70%	2.18%
Malaysia	Southeast Asia	5.47%	5.70%	5.97%
Myanmar	Southeast Asia	N.A.	4.70%	1.35%
Philippines	Southeast Asia	5.27%	5.70%	5.82%
Thailand	Southeast Asia	5.37%	5.70%	5.82%
Timor-Leste	Southeast Asia	1.00%	5.70%	1.31%
Vietnam	Southeast Asia	5.27%	5.70%	5.82%
Afghanistan	Central and West Asia	N.A.	4.70%	0.00%
Armenia	Central and West Asia	5.37%	N.A.	5.82%
Azerbaijan	Central and West Asia	5.37%	5.70%	5.82%
Georgia	Central and West Asia	5.37%	5.70%	5.82%
Kazakhstan	Central and West Asia	5.47%	5.70%	5.97%
Kyrgyz Republic	Central and West Asia	1.43%	4.70%	0.00%
Tajikistan	Central and West Asia	Grants	4.70%	0.00%
Turkmenistan	Central and West Asia	5.47%	N.A.	5.97%
Turkiye	Central and West Asia	5.47%	5.70%	5.97%
Uzbekistan	Central and West Asia	2.03%	5.70%	3.10%
China	East Asia	5.47%	5.70%	5.97%
Mongolia	East Asia	2.03%	5.70%	5.67%
Bangladesh	South Asia	2.03%	4.70%	1.35%
Bhutan	South Asia	1.43%	N.A.	0.66%
India	South Asia	5.27%	5.70%	5.82%
Maldives	South Asia	Grants	4.70%	Grants
Nepal	South Asia	1.43%	4.70%	1.35%
Pakistan	South Asia	2.03%	5.70%	Reviewing
Sri Lanka	South Asia	2.03%	4.70%	Reviewing

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CNY Loan Rates

Indicative, expressed as Annual Percentage Rate (APR)

Country	Region	ADB	AIIB
Cambodia	Southeast Asia	1.43%	2.48%
Indonesia	Southeast Asia	1.86%	2.48%
Lao PDR	Southeast Asia	1.43%	2.48%
Malaysia	Southeast Asia	2.06%	2.48%
Myanmar	Southeast Asia	N.A.	2.48%
Philippines	Southeast Asia	1.86%	2.48%
Thailand	Southeast Asia	1.96%	2.48%
Timor-Leste	Southeast Asia	1.00%	2.48%
Vietnam	Southeast Asia	1.86%	2.48%
Afghanistan	Central and West Asia	N.A.	2.48%
Armenia	Central and West Asia	1.96%	N.A.
Azerbaijan	Central and West Asia	1.96%	2.48%
Georgia	Central and West Asia	1.96%	2.48%
Kazakhstan	Central and West Asia	2.06%	2.48%
Kyrgyz Republic	Central and West Asia	1.43%	2.48%
Tajikistan	Central and West Asia	Grants	2.48%
Turkmenistan	Central and West Asia	2.06%	N.A.
Turkiye	Central and West Asia	2.06%	2.48%
Uzbekistan	Central and West Asia	2.03%	2.48%
China	East Asia	2.06%	2.48%
Mongolia	East Asia	2.03%	2.48%
Bangladesh	South Asia	2.03%	2.48%
Bhutan	South Asia	1.43%	N.A.
India	South Asia	1.86%	2.48%
Maldives	South Asia	Grants	2.48%
Nepal	South Asia	1.43%	2.48%
Pakistan	South Asia	2.03%	2.48%
Sri Lanka	South Asia	2.03%	2.48%

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Notes:

1. Project Loan Pricing is indicative only and assumes i) a standardized Sovereign project loan with ii) 25-year term and 5-year grace period, iii) single loan draw mid-grace period, iv) straight-line amortization of principal, and v) current DMC member classifications, contractual, variable, and maturity-based spreads and discounts; but, vi) does not include on-lending spreads, costs, and fees.

2. USD floating rate loans are SOFR-based; CNY floating rate loans are SHIBOR-based.

3. As the AIIB Special Fund Window (SFW) discount on CNY loan rates is not published, we do not include an estimate of possible SFW discounts on CNY loans. For USD loan pricing, we include the discount at the maximum possible rate of 100 bps.

4. ADB CNY loan pricing is partly based on funding cost margin information provided on a December 2024 CNY-denominated local currency loan.

5. World Bank USD loan pricing for Cambodia and Uzbekistan assume a floating rate loan; however, a fixed rate loan is an option, but will reduce the overall country allocation of funds available for borrowing. The current APR on such a fixed rate loan is 2.18%.

6. World Bank USD loan pricing for Bhutan reflects the effect of a 50% grant requirement on the APR.

7. We calculate and compare based on an Annual Percentage Rate (APR) as it provides an estimate of total loan costs by adding lender fees, such as front-end fees and loan commitment fees, to interest costs over the life of the loan.

Sources:

Praxcore calculations, based on loan terms and conditions outlined by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and World Bank.

For details or assistance in pricing, designing, or analyzing the financing of your project, contact us at info@praxcore.com or +1 416 619 7668