Countries by IBRD loans and IDA credits (DOD, current US$)
India owes $38.7 billion to the World Bank through IBRD loans and IDA credits—nearly double the next-largest borrower—reflecting decades of development infrastructure financing. Somalia, Russia, and Algeria carry zero World Bank debt, representing either repayment completion or exclusion from financing. This split reflects the World Bank's core mission: lending to developing nations for infrastructure, health, and education—a burden borne almost exclusively by poorer and middle-income countries.
Ranking 2024
| Rank | Country | Value |
|---|---|---|
| 1 | India | 38,739,691,000 |
| 2 | Ukraine | 22,469,832,000 |
| 3 | Indonesia | 21,568,257,000 |
| 4 | Bangladesh | 20,730,695,000 |
| 5 | Pakistan | 20,184,167,000 |
| 6 | Nigeria | 17,843,086,000 |
| 7 | Colombia | 16,238,346,000 |
| 8 | Brazil | 15,130,827,000 |
| 9 | China | 14,686,683,000 |
| 10 | Philippines | 14,603,480,000 |
| 11 | Mexico | 14,264,951,000 |
| 12 | Kenya | 13,820,125,000 |
| 13 | Vietnam | 13,584,976,000 |
| 14 | Ethiopia | 12,761,932,000 |
| 15 | Egypt | 12,295,061,000 |
| 16 | Tanzania | 12,097,217,000 |
| 17 | Türkiye | 12,065,026,000 |
| 18 | Argentina | 10,737,718,000 |
| 19 | Morocco | 10,202,433,000 |
| 20 | Uzbekistan | 7,678,627,000 |
| 21 | Ghana | 6,372,715,000 |
| 22 | Ecuador | 6,284,835,000 |
| 23 | Peru | 5,750,082,000 |
| 24 | Jordan | 5,422,032,000 |
| 25 | Uganda | 4,898,639,000 |
| 26 | Côte d'Ivoire | 4,877,903,000 |
| 27 | Angola | 4,774,591,000 |
| 28 | Sri Lanka | 4,618,744,000 |
| 29 | Nepal | 4,531,123,000 |
| 30 | Senegal | 4,421,809,000 |
| 31 | Tunisia | 4,326,806,000 |
| 32 | Kazakhstan | 3,831,067,000 |
| 33 | Rwanda | 3,720,784,000 |
| 34 | DR Congo | 3,452,865,000 |
| 35 | South Africa | 3,426,756,000 |
| 36 | Iraq | 3,012,911,000 |
| 37 | Mozambique | 2,922,510,000 |
| 38 | Cameroon | 2,865,405,000 |
| 39 | Madagascar | 2,649,927,000 |
| 40 | Burkina Faso | 2,616,134,000 |
| 41 | Zambia | 2,509,679,000 |
| 42 | Niger | 2,432,038,000 |
| 43 | Benin | 2,317,489,000 |
| 44 | Serbia | 2,317,183,000 |
| 45 | Mali | 2,189,934,000 |
| 46 | Georgia | 2,115,248,000 |
| 47 | Dominican Republic | 1,929,510,000 |
| 48 | Guatemala | 1,920,887,000 |
| 49 | Armenia | 1,723,435,000 |
| 50 | Malawi | 1,701,516,000 |
| 51 | Cambodia | 1,654,182,000 |
| 52 | Bolivia | 1,625,811,000 |
| 53 | Myanmar | 1,445,645,000 |
| 54 | Albania | 1,305,496,000 |
| 55 | Bosnia and Herzegovina | 1,251,046,000 |
| 56 | Lebanon | 1,206,543,000 |
| 57 | Azerbaijan | 1,165,682,000 |
| 58 | Paraguay | 1,134,016,000 |
| 59 | Honduras | 1,114,159,000 |
| 60 | Moldova | 1,083,350,000 |
| 61 | Yemen | 1,042,129,000 |
| 62 | Belarus | 975,447,000 |
| 63 | Nicaragua | 973,948,000 |
| 64 | Jamaica | 965,843,000 |
| 65 | Liberia | 929,174,000 |
| 66 | El Salvador | 918,819,000 |
| 67 | Laos | 886,793,000 |
| 68 | Zimbabwe | 855,321,000 |
| 69 | Mongolia | 803,595,000 |
| 70 | Togo | 796,080,000 |
| 71 | North Macedonia | 781,428,000 |
| 72 | Kyrgyzstan | 749,695,000 |
| 73 | Republic of Congo | 745,476,000 |
| 74 | Guinea | 700,201,000 |
| 75 | Botswana | 678,077,000 |
| 76 | Gabon | 619,906,000 |
| 77 | Cabo Verde | 616,413,000 |
| 78 | Papua New Guinea | 583,878,000 |
| 79 | Fiji | 574,700,000 |
| 80 | Lesotho | 504,651,000 |
| 81 | Thailand | 499,600,000 |
| 82 | Bulgaria | 470,862,000 |
| 83 | Sierra Leone | 463,025,000 |
| 84 | Mauritania | 450,760,000 |
| 85 | Bhutan | 419,599,000 |
| 86 | Eritrea | 407,398,000 |
| 87 | Tajikistan | 369,363,000 |
| 88 | Kosovo | 358,761,000 |
| 89 | Djibouti | 295,538,000 |
| 90 | Afghanistan | 279,735,000 |
| 91 | Grenada | 272,992,000 |
| 92 | Montenegro | 267,899,000 |
| 93 | Saint Vincent and the Grenadines | 243,873,000 |
| 94 | Saint Lucia | 228,923,000 |
| 95 | Eswatini | 221,826,000 |
| 96 | Sudan | 217,938,000 |
| 97 | Guinea-Bissau | 215,294,000 |
| 98 | Guyana | 185,972,000 |
| 99 | Dominica | 166,614,000 |
| 100 | Chad | 139,732,000 |
| 101 | Solomon Islands | 124,634,000 |
| 102 | Iran | 124,094,000 |
| 103 | Gambia | 122,358,000 |
| 104 | Central African Republic | 116,762,000 |
| 105 | Burundi | 109,468,000 |
| 106 | Vanuatu | 95,493,000 |
| 107 | Maldives | 93,268,000 |
| 108 | Mauritius | 92,941,000 |
| 109 | Samoa | 89,874,000 |
| 110 | Timor-Leste | 57,797,000 |
| 111 | Comoros | 56,828,000 |
| 112 | Belize | 40,552,000 |
| 113 | Tonga | 40,235,000 |
| 114 | Turkmenistan | 20,000,000 |
| 115 | Suriname | 19,622,000 |
| 116 | Syria | 14,052,000 |
| 117 | Sao Tome and Principe | 8,967,000 |
| 118 | Algeria | 0 |
| 118 | Russia | 0 |
| 118 | Somalia | 0 |
Analysis
World Bank lending comprises two instruments: IBRD (International Bank for Reconstruction and Development) loans provided at near-market rates, primarily to middle-income countries; and IDA (International Development Association) credits provided at concessional (below-market) rates, primarily to low-income countries. Outstanding debt measures the total of these instruments owed but not yet repaid, denominated in current US dollars. IBRD loans finance infrastructure like highways, ports, dams, and power plants; IDA credits finance health clinics, schools, and agricultural development. This matters because World Bank financing represents patient capital—long repayment periods, lower interest rates—unavailable in commercial markets. A country owing $10 billion to the World Bank faces 25-40 year repayment on concessional terms, unlike commercial lenders demanding quick repayment or equity stakes. High World Bank debt outstanding reflects investment in development; it is not necessarily a burden because terms are favorable. Year-over-year volatility averages 21.0%, reflecting new project commitments, disbursements as projects advance, and repayment as loans mature. Data covers 120 countries with 96.7% coverage for 2024 (116 countries); wealthy developed nations do not appear because they have no World Bank debt.
World Bank lending concentrates on large developing nations with sustained infrastructure demand. India ($38.7 billion, rank 1) is the largest borrower, reflecting population scale, infrastructure gaps, and decades of World Bank partnership. Ukraine ($22.5 billion, rank 2) ranks surprisingly high, reflecting post-Soviet reconstruction and wartime reconstruction support. Indonesia ($21.6 billion, rank 3), Bangladesh ($20.7 billion, rank 4), and Pakistan ($20.2 billion, rank 5) follow—all populous South and Southeast Asian nations with major infrastructure needs. Sub-Saharan Africa ranks prominently: Nigeria ($17.8 billion, rank 6), Kenya ($13.8 billion, rank 12), Ethiopia ($12.8 billion, rank 14), Tanzania ($12.1 billion, rank 16), and others reflect the World Bank's heavy engagement in African development. Latin America ranks high: Colombia ($16.2 billion, rank 7), Brazil ($15.1 billion, rank 8), Mexico ($14.3 billion, rank 11), and Argentina ($10.7 billion, rank 18) reflect regional development financing. Notably, wealthy developed nations (USA, Japan, Germany, UK, France, Canada) appear nowhere—they are World Bank members and shareholders but do not borrow. Countries with zero outstanding debt include Russia ($0, rank 118), Algeria ($0, rank 118), and Somalia ($0, rank 118), reflecting repayment completion, geopolitical isolation, or state collapse.
Several countries' World Bank debt levels reflect particular circumstances rather than development need. Ukraine's rank-2 position reflects wartime reconstruction financing and Western support channeled through the World Bank. Brazil ($15.1 billion, rank 8) and Argentina ($10.7 billion, rank 18) are upper-middle-income countries with World Bank portfolios for specific projects (Amazon conservation, infrastructure upgrades), not broad development needs. China ($14.7 billion, rank 9) ranks despite being a middle-income country transitioning to donor status—its remaining debt reflects older concessional loans not yet fully repaid. Volatility (21%) reflects steady project cycles: new projects commit funds, disbursements phase across years, and repayments begin after project completion. Countries that have completed major infrastructure transformation (South Korea, Taiwan historically) have exited the World Bank portfolio; those with ongoing needs (India, Indonesia, Nigeria) maintain large portfolios. The absence of Russia, Algeria, and other middle-income countries from top rankings suggests successful transition away from World Bank dependence.
This metric counts only World Bank (IBRD+IDA) lending, not broader development finance from regional development banks (Asian Development Bank, African Development Bank) or bilateral official aid. A country with $10 billion owed to the World Bank may owe $20 billion total to multilateral and bilateral lenders—this metric captures only the World Bank portion. Additionally, "outstanding" debt reflects drawdowns on approved loans; approved-but-not-yet-disbursed loans are not included, potentially understating total World Bank exposure. Debt measured in current dollars inflates with currency movements—if the US dollar strengthens, World Bank debt (measured in dollars) automatically increases even if actual borrowing is unchanged. Furthermore, concessional IDA credits may carry zero or near-zero interest, making large outstanding balances less burdensome than equivalent commercial debt; this metric does not differentiate between IBRD and IDA, masking the easier terms on IDA credits. Finally, World Bank financing is intended to be productive—funding infrastructure, health, education—so large outstanding debt is not inherently negative; it reflects investment in development, not consumption.
Methodology
World Bank lending (IBRD loans and IDA credits) measures outstanding debt owed to the International Bank for Reconstruction and Development and the International Development Association, measured in current US dollars. IBRD lends at near-market rates to middle-income countries; IDA provides credits at concessional rates to low-income countries. Outstanding debt is the balance owed but not yet repaid, including principal and accrued interest. Data comes from the World Bank World Development Indicators (indicator: DT.DOD.MWBG.CD), compiled from World Bank financial records and debtor country reports. All figures are in current dollars (not adjusted for inflation). The metric covers 120 countries with 100% data quality and 96.7% coverage for 2024. The mean World Bank debt is $3.06 billion with a standard deviation of $5.49 billion, indicating high concentration among major borrowers. Twenty extreme outliers were detected (India and Bangladesh dominantly), with z-scores up to 6.6. Year-over-year volatility averages 21.0%, reflecting new project commitments and disbursements. The spread (from $0 to $38.7 billion) captures the full range from zero-borrowing wealthy nations and countries that have completed their World Bank partnerships to major ongoing borrowers.