Structure Of The World Bank

The organization has offices in 109 countries and over 10,000 employees on the payroll. The amount of World Bank assistance to developing countries for 2002 was U.S. 8,100 million and 11,500 million in additional credit granted for a period of 35-40 years, with 10 additional years of grace. The World Bank Group consists of: The International Bank for Reconstruction and Development (IBRD, 184 member countries). Created in 1945, aims to achieve poverty reduction in developing countries and creditworthy middle-income, providing financial advice on economic management. It is certainly the main branch of the GBM, it being necessary to belong to him to be a member of any of the following organizations. The International Development Association (IDA, 164 member countries).Created in 1960, consists of 164 countries, who make contributions that enable the World Bank (WB) will provide between 6,000 and 7,000 million dollars annually in credit, almost without interest, to the 78 poorest countries considered. IDA plays an important role because many countries, called “developing”, can not receive financing under market conditions. This provides money for the construction of basic services (education, housing, drinking water, sanitation), pushing for reforms and investments to promote productivity growth and employment. The International Finance Corporation (IFC, 178 member countries). Created in 1956, this corporation is responsible for promoting the economic development of countries through the private sector. Business partners invest capital through private enterprises in developing countries.Among its responsibilities is the long-term loans and provide guarantees and risk management services for its clients and investors. The Multilateral Investment Guarantee Agency (MIGA, 162 member countries). Created in 1988, this organization aims to promote foreign investment in underdeveloped countries, in charge of issuing guarantees to investors against losses caused by noncommercial risks as expropriation, inconvertible currency transfer restrictions, war or riots. The International Centre for Settlement of Investment Disputes (ICSID, 134 member countries). Created in 1966, this body is made up of 133 countries. ICSID’s primary goal is taking care of foreign investment in countries, by providing international facilities for conciliation and arbitration of disputes concerning this item.This institution has a strong research area that publishes issues on international and national law (according to country), on investment. IFC and MIGA, have in turn with the Office of Compliance Advisor Ombudsman (CAO ) that has functions independent advice and care of the claims made by affected communities. Board of Governors Each member country is represented on the Board of Governors 1 , they have the power to make the final decision of the Bank. Among its functions is to admit or suspend country members, to make financial authorizations and budgets and to determine the distribution of IBRD’s income. Governors meet annually or when a majority representative, at least two thirds of the total votes required. The term of office for five years provides eligible for reelection. The Board participates with the in the election of the Bank. The Board of Governors delegates the responsibility for projects and decisions to the Executive Directors with the exception of: admitting new members, increase or decrease the share capital of the Bank, to suspend a member, and determine the distribution of net inflows to the Bank. Executive Board The Executive Directors aim to develop projects and carry out the operation and conduct of the Bank.

Comments are closed.


© 2011-2024 Journey For Hope All Rights Reserved