Date Time Share World Bank Approves New Reference Rates for Existing and New Loans in Preparation for End of LIBOR WASHINGTON, July 22, 2021-The World Bank´s Board of Executive Directors today approved modifications to new market reference rates in preparation for the global transition away from the London Interbank Offered Rate (LIBOR). The modifications imply changes to the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) new and existing loans. The alternative reference rates will be Secured Overnight Financing Rate (SOFR) for USD-denominated loans, Sterling Overnight Index Average (SONIA) for GBP-denominated loans, and Tokyo Overnight Average Rate (TONA) for JPY-denominated loans. EURIBOR will remain the reference rate for EUR-denominated loans.