The United Kingdom (UK) became a shareholder of the International Bank for Reconstruction and Development (IBRD) in December 1945. The UK is also a member of the International Development Association (which it joined in 1960), the International Finance Corporation (1956), the Multilateral Investment Guarantee Agency (1988) and the International Centre for Settlement of Investment Disputes (1967). Today, IBRD and IDA are commonly referred to as the World Bank.
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. The United Kingdom’s representatives on the Board of Governors are:
Governor: Ms Justine Greening, Secretary of State for International Development.
Alternate Governor: Mr. George Osborne, MP, Chancellor of the Exchequer
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.
The United Kingdom’s Executive Directors are :
The World Bank office in London
The Department of External Affairs of the World Bank, through its London office, manages day-to-day relations with British constituencies, including government, parliamentarians, private sector, civil society, academics, and media.