MDB Project Finance Lending Rates

Current coverage: Asia (all regions)

Currencies: USD, CNY

Data as of Friday, 2025-08-01
Updated monthly
Last update: 2025-08-04 15:57 ET

NB: The World Bank’s IDA21 introduced significant changes to the IDA lending program; we are currently reviewing and updating our APR calculations to reflect the changes.

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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%	5.80%	Reviewing
Indonesia	Southeast Asia	5.37%	5.80%	5.93%
Lao PDR	Southeast Asia	1.43%	5.80%	Reviewing
Malaysia	Southeast Asia	5.57%	5.80%	6.08%
Myanmar	Southeast Asia	N.A.	4.80%	Reviewing
Philippines	Southeast Asia	5.37%	5.80%	5.93%
Thailand	Southeast Asia	5.47%	5.80%	5.93%
Timor-Leste	Southeast Asia	1.00%	5.80%	Reviewing
Vietnam	Southeast Asia	5.37%	5.80%	5.93%
Armenia	Central/West Asia	5.47%	N.A.	5.93%
Azerbaijan	Central/West Asia	5.47%	5.80%	5.93%
Georgia	Central/West Asia	5.47%	5.80%	5.93%
Kazakhstan	Central/West Asia	5.57%	5.80%	6.08%
Kyrgyz Republic	Central/West Asia	1.43%	4.80%	Reviewing
Tajikistan	Central/West Asia	1.43%	4.80%	Reviewing
Turkmenistan	Central/West Asia	5.57%	N.A.	6.08%
Turkiye	Central/West Asia	5.57%	5.80%	6.08%
Uzbekistan	Central/West Asia	2.03%	5.80%	Reviewing
China	East Asia	5.57%	5.80%	6.08%
Mongolia	East Asia	2.03%	5.80%	5.78%
Afghanistan	South Asia	N.A.	4.80%	Reviewing
Bangladesh	South Asia	2.03%	4.80%	Reviewing
Bhutan	South Asia	1.43%	N.A.	Reviewing
India	South Asia	5.37%	5.80%	5.93%
Maldives	South Asia	Grants	4.80%	Reviewing
Nepal	South Asia	1.43%	4.80%	Reviewing
Pakistan	South Asia	2.03%	5.80%	Reviewing
Sri Lanka	South Asia	2.03%	4.80%	Reviewing

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CNY Loan Rates

Indicative, expressed as Annual Percentage Rate (APR)

Country	Region	ADB	AIIB
Cambodia	Southeast Asia	1.43%	2.46%
Indonesia	Southeast Asia	1.84%	2.46%
Lao PDR	Southeast Asia	1.43%	2.46%
Malaysia	Southeast Asia	2.04%	2.46%
Myanmar	Southeast Asia	N.A.	2.46%
Philippines	Southeast Asia	1.84%	2.46%
Thailand	Southeast Asia	1.94%	2.46%
Timor-Leste	Southeast Asia	1.00%	2.46%
Vietnam	Southeast Asia	1.84%	2.46%
Armenia	Central/West Asia	1.94%	N.A.
Azerbaijan	Central/West Asia	1.94%	2.46%
Georgia	Central/West Asia	1.94%	2.46%
Kazakhstan	Central/West Asia	2.04%	2.46%
Kyrgyz Republic	Central/West Asia	1.43%	2.46%
Tajikistan	Central/West Asia	1.43%	2.46%
Turkmenistan	Central/West Asia	2.04%	N.A.
Turkiye	Central/West Asia	2.04%	2.46%
Uzbekistan	Central/West Asia	2.03%	2.46%
China	East Asia	2.04%	2.46%
Mongolia	East Asia	2.03%	2.46%
Afghanistan	South Asia	N.A.	2.46%
Bangladesh	South Asia	2.03%	2.46%
Bhutan	South Asia	1.43%	N.A.
India	South Asia	1.84%	2.46%
Maldives	South Asia	Grants	2.46%
Nepal	South Asia	1.43%	2.46%
Pakistan	South Asia	2.03%	2.46%
Sri Lanka	South Asia	2.03%	2.46%

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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 loans are SOFR-based; CNY 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. 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