The Government of the Grand Duchy of Luxembourg

Promissory Notes

Promissory Notes issued by the State (central Government) do not correspond to funds borrowed and repayable thereafter. Promissory Notes document multi-year financial commitments made by the State vis-à-vis international financial institutions. These are non-negotiable, they do not bear interest and are generally cashed at the request of the financial institutions holding them and according to a predefined schedule.

Outstanding of Promissory Notes (in EUR), as of 31.03.2025

Beneficiary currency of issuance circulating amount
African Development Fund (AfDF)** EUR 10.104.459,00
Asian Development Bank (ADB)* EUR 0,00
Asian Development Fund (ADF)** EUR 0,00
Global Environment Fund (GEF)** EUR 1.011.500,00
International Development Association (IDA)** EUR 90.884.750,00
Multilateral Investment Guarantee Agency (MIGA)* USD 116.053,63
  Total : 102.116.762,63

1 EUR = 1,0815 USD
(*) Called in subscribed capital, not yet cashed in
(**) Resources’ replenishments (donations)

Evolution of the outstanding of Promissory Notes
from 2025 to 2029 (in EUR)

year scheduled issuances scheduled collections outstanding (as of 31.12)
2025 32.031.933,00 34.713.180,00 77.233.533,63
2026 33.306.933,00 28.898.920,00 81.641.546,63
2027 33.306.933,00 30.537.091,00 84.411.388,63
2028 33.306.934,00 31.951.864,00 85.766.458,63
2029 0,00 26.276.672,00 59.489.786,63

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