The World Bank & Belgium

History

Belgium is a founding member of the International Bank for Reconstruction and Development (IBRD). Belgium is also a member of the International Development Association (since 1964), a member of the International Finance Corporation (1956), the Multilateral Investment Guarantee Agency (1992) and the International Centre for Settlement of Investment Disputes (1970).

Representation

Like all 184 member countries of the World Bank, Belgium is represented in its governing councils by a Governor and an Alternate Governor. Mr. Didier Reynders, Minister of Finance, serves as Belgium's Governor for the World Bank and Mr. Guy Quaden, Governor of the National Bank of Belgium, serves as Alternate Governor.

Because these officers meet only once a year to decide on key actions such as admitting new members or changing the authorized capital stocks, they delegate responsibility for overseeing the day-to-day business of the institutions to their designated representatives on the World Bank's Executive Board. These Board members, called Executive Directors, reside in Washington and meet regularly throughout the year (normally at least twice a week) to review and act on lending operations, new policy directions, and financial matters. In keeping with the World Bank's information disclosure policy, the monthly Board Calendar is now a public document, here. The 24-member Executive Board is made up of five Executive Directors who are appointed by the five largest shareholders (in alphabetical order, France, Germany, Japan, the United Kingdom and the United States) and 19 others who are elected by groups of countries to represent their interests.

Belgium shares its Board representation with 9 other countries : Austria, Belarus, Czech Republic, Hungary, Kazakhstan, Luxembourg, Slovak Republic, Slovenia and Turkey. The position of Executive Director for this group is rotated and is currently held by Mr. Gino Alzetta, a Belgian national.

Shares & Voting Power

With 1.84% of IBRD shares, Belgium has 1.81% of votes in IBRD. Belgium also holds a share of 1.55% in IDA 14 (SDR 201.04 million, €222 million), which required a 41% increase in SDR terms over Belgium's IDA 13 contribution. The Belgian IDA share has remained constant at 1.55% since IDA 9. In fiscal year 2006 voluntary contributions (Trust Funds) amounted to $32.5 million of which bulk provided for Global Trust Funds, including the Global Environment Facility (GEF), the Consultative Group on International Agricultural Research (CGIAR) and the Global Fund for Tuberculosis, Aids and Malaria (GFTAM). Belgium's cumulative contribution to IFC capital is $50.6 million, 2.1% of the IFC total. Belgium has 3,577 allocated shares ($38,703,140) and 3,061 in MIGA. These shares, in turn, determine Belgium's voting power in the respective governing boards.