Greece became a member of the International Bank for Reconstruction and Development in December 1945. It was among the first countries to get a loan to help rebuild the economy after the war. Today, Greece is a member of the five institutions that form the World Bank Group. The World Bank Group finances projects, designs policies and delivers programs to end poverty in the developing world.
World Bank Governor
Each member country of the World Bank Group is represented on the Board of Governors, the senior decision-making body, which meets twice a year during the Spring and Annual Meetings. Generally, the Governors are government ministers, such as Ministers of Finance or Ministers of Development, who have specific power to admit and suspend members of the World Bank Group, to increase or decrease the authorized capital stock, to determine the distribution of the net income of the Bank, and to decide on the World Bank Group’s overall strategic direction, among others. Greece representatives on the Board of Governors are:
Governor: H.E. Kostas Hatzidakis, Minister of Development, Competitiveness, Infrastructure, Transport and Networks
Alternate Governor: Mr. Panagiotis Mitarachi, Deputy Minister, Ministry of Development, Competitiveness, Infrastructure, Transport and Networks
World Bank Executive Director
The responsibility for overseeing the day-to-day business of the institutions is delegated to a Board of 25 Executive Directors (EDs). The EDs 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. The EDs 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. Greece representation to the Boards of IBRD, IFC and MIGA is shared with Albania, Italy, Portugal, San Marino, Timor-Leste, and, with the exception of the IDA’s Board, also with Malta.
The Greece Country Desk
The daily relations between the Greek government and the World Bank is ensured through an External Relations office based in Rome and the Office of the Vice President for the World Bank's Europe and Central Asia Department (ECA).