Luxembourg is a founding member of the International Bank for Reconstruction and Development (IBRD). It is also a member of the International Development Association (since 1964), the International Finance Corporation (1956), the Multilateral Investment Guarantee Agency (1991) and the International Centre for Settlement of Investment Disputes (1970).
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. Luxembourg’s representatives on the Board of Governors are: Governor: Mr. Frieden, Minister of Finance Alternate Governor: Mr. Georges Heinrich, Director of the Treasury at the Ministry of Finance
World Bank Executive Director The governors delegate responsibility for overseeing the day-to-day business to their designated representatives on the World Bank's Executive Board. The 25 Executive Directors represent the 188 member countries of the World Bank, and normally meet twice a week to decide on borrowing and financial questions, projects, and on policies that impact the World Bank Group’s general operations. Luxembourg's IBRD, IFC and MIGA Board representation is shared with Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, and Turkey. World Bank Luxembourg Country Desk The Department of External Affairs of the World Bank, through its Brussels-based Desk, manages day-to-day relations with Luxembourg constituencies, including government, parliamentarians, private sector, civil society, academics, and media. |