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The World Bank is an international financial institution that provides funding, policy advice, and technical assistance to developing countries to support economic growth and poverty reduction. It consists of five organizations: the International Bank for Reconstruction and Development (IBRD), which lends to middle-income countries; the International Development Association (IDA), which offers grants and low-interest loans to the poorest nations; the International Finance Corporation (IFC), which promotes private sector development; the Multilateral Investment Guarantee Agency (MIGA), which provides political risk insurance to encourage foreign investment; and the International Centre for Settlement of Investment Disputes (ICSID), which resolves disputes between international investors and states. The World Bank focuses on key development areas such as education, healthcare, infrastructure, climate change, and economic stability. Its mission is to create a world free of poverty by financing sustainable development projects and strengthening institutions to foster long-term economic growth.
Structure
Structure
The World Bank operates as a global financial cooperative with 189 member countries, each acting as a shareholder in its governance. The highest decision-making body, the Board of Governors, is composed of representatives from these member states—typically ministers of finance or development. This board oversees major policy decisions and meets annually at the World Bank Group and International Monetary Fund (IMF) Annual Meetings to discuss global economic development and financial strategies
Leadership
Leadership
The World Bank functions under the leadership of its President, supported by senior management and vice presidents overseeing different areas. These include Global Practices, which focus on sector-specific expertise (such as health, education, and finance), Cross-Cutting Solutions Areas, which address broader development challenges, and regional vice presidents, who manage operations across different parts of the world. Together, they ensure the institution’s strategic direction and effectiveness in advancing economic development globally.
Board of Directors
Board of Directors
The World Bank Group Boards of Directors consist of four separate boards overseeing different institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). Each board manages the operations, policies, and strategic direction of its respective organization, ensuring alignment with the World Bank’s broader mission of fostering global economic development and reducing poverty.
Development Committee
Development Committee
The Development Committee (DC) is a ministerial-level forum within the World Bank Group and the International Monetary Fund (IMF), established in 1974 to facilitate intergovernmental consensus-building on global development challenges. Officially called the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, its primary role is to advise the Boards of Governors on critical development issues and financial resource needs for supporting economic growth in developing nations. Over time, its mandate has evolved to include trade, global environmental concerns, and broader economic policies beyond traditional development topics.
Board of Governors
Board of Governors
The Boards of Governors of the World Bank consist of one Governor and one Alternate Governor appointed by each member country, typically a minister of finance, central bank governor, or senior official. They serve for five-year terms and can be reappointed. If a country is also a member of the International Finance Corporation (IFC) or International Development Association (IDA), its appointed Governor serves ex-officio on these institutions' boards. The Multilateral Investment Guarantee Agency (MIGA) appoints separate Governors.
As the senior decision-making body of the Bank, the Boards of Governors hold key powers but delegate most responsibilities to the Executive Directors. Their retained powers include admitting or suspending members, adjusting capital stock, allocating net income, interpreting agreements, coordinating with international organizations, permanently suspending operations, expanding the Executive Directors, and approving amendments to the Articles of Agreement.
member countries
member countries
Governance is carried out through the Boards of Governors, composed of representatives from each member country, and the Boards of Executive Directors, responsible for operational decisions.
To become a member, a country must first join the International Monetary Fund (IMF) under the IBRD Articles of Agreement. Membership in other World Bank institutions—International Development Association (IDA), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA)—depends on joining the IBRD.
World bank units
World bank units
The World Bank is led by its President, who oversees the institution’s strategic direction and operations. Supporting the president are various organizational units, including regional vice presidents, who manage country-specific programs, and sector leaders, who focus on global development areas such as health, education, and infrastructure. Additionally, general management divisions handle governance, financial oversight, and operational coordination, ensuring the World Bank effectively delivers on its mission to reduce poverty and drive economic development worldwide.
BankExecutiveDirectors.pdfBoard-Standing-Committees-Membership-disclosed.pdfMIGADirectors.pdfPolicies in support of structure
Policies in support of structure
Code-of-Conduct-for-Board-Officials.pdfThe Code of Conduct for Board Officials of the World Bank Group, effective November 1, 2022, sets ethical guidelines for Executive Directors, Senior Advisors, Advisors, and other Board Officials. It establishes key values such as impact, integrity, respect, teamwork, and innovation, ensuring professional and ethical responsibility. The Code is divided into four sections: General Principles and Obligations, which outline conduct standards and confidentiality rules; Conflict of Interest Policy, detailing financial disclosures and external engagements; Ethics Committee Procedures, which govern ethical reviews and investigations; and Definitions, clarifying key terms. Board Officials must act in the best interests of the organization, avoid conflicts of interest, report misconduct, and uphold confidentiality even after leaving office. The Ethics Committee oversees compliance and reviews misconduct allegations, ensuring accountability in governance.
Rules-of-Procedure-for-Meetings-of-the-Executive-Directors.pdfThe Rules of Procedure for Meetings of the Executive Directors outline the governance framework for the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). These rules, amended over time, cover key aspects such as meeting schedules, quorum requirements, agenda setting, voting procedures, record-keeping, and confidentiality.
Regular Board meetings are held as determined by the Executive Directors, while special meetings can be convened by the President of the Bank or at the request of an Executive Director. Quorum requires a majority of Executive Directors representing at least half of the total voting power. Meetings are attended by Executive Directors, Alternates, designated staff, and invited representatives.
The agenda is prepared by the President, and items can be added by any Executive Director. If requested, action on any matter can be postponed once for at least two days. Voting follows procedures outlined in the Articles of Agreement, with formal votes taken upon request—otherwise, the Chair may determine consensus. Dissenting Executive Directors can have their views recorded in the minutes.
The Secretary of the Bank records meetings, with draft minutes circulated for approval. Notices for meetings are sent to Executive Directors via written or verbal communication. Board proceedings are confidential, and publicity is issued only upon authorization. Amendments to these rules require at least five days' notice before being proposed at a meeting.
Information sourced from World Bank
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