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 31.03.2024

Beneficiary currency of issuance circulating amount
African Development Fund (AfDF)** EUR 12.761.936,00
Asian Development Bank (ADB)* EUR 0,00
Asian Development Fund (ADF)** EUR 0,00
Global Environment Fund (GEF)** EUR 1.723.375,00
International Development Association (IDA)** EUR 98.447.500,00
Multilateral Investment Guarantee Agency (MIGA)* USD 116.096,57
  Total : 113.048.907,57

1 EUR = 1,0811 USD
(*) Called in subscribed capital, not yet cashed in
(**) Resources’ replenishments (donations)

Evolution of the outstanding of Promissory Notes
from 2024 to 2028 (in EUR)

year scheduled issuances scheduled collections outstanding (as of 31.12)
2024 30.605.000,00 42.048.970,00 79.914.823,57
2025 30.605.000,00 34.114.180,00 76.405.643,57
2026 0,00 22.357.920,00 54.047.723,57
2027 0,00 18.390.091,00 35.657.632,57
2028 0,00 14.995.864,00 20.661.768,57

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