Iceland takes part in the decision making in the World Bank
The World Bank is run like a cooperative, with our member countries as shareholders. Each shareholder’s government is represented on the of Board of Governors. Generally, these governors are government ministers, such as Ministers of Finance or Ministers of Development. Iceland is represented on the Board of Governors by the Minister of Industry and Minister of Foreign Affairs, Mr. Ossur Skarphédinsson (acting) . Iceland’s Alternate Governor to the World Bank is the Minister of Finance, Finance, Fisheries and Agriculture, Mr. Steingrimur J. Sigfusson (acting).
Because these governors 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. The Executive Board is made up of 24 Executive Directors representing the 185 member countries of the World Bank. To learn more about the composition of the Executive Board, click here.
The Executive Director reside in Washington and normally meet twice a week to oversee our business, including approving loans and guarantees; new policies; the administrative budget; country support strategies; and borrowing and financial decisions. To see the work program of the Board, click here.
Iceland shares its representation on the Executive Board with Denmark, Estonia, Finland
Latvia, Lithuania, Norway and Sweden. The eight countries are represented by a joint Executive Director, currently Mr. Svein Aass (Norway ). The Executive Director enjoys the support of an Alternate Executive Director and a team of advisors from the member countries in the group. For details, see the website of the Nordic Baltic Executive Director, http://www.worldbank.org/eds20
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