 The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, be they policy, financial, or membership issues. In the case the International Bank for Reconstruction and Development (IBRD), there are 185 member countries, nearly all the countries of the world. The International Development Association (IDA) has 166 members, the International Finance Corporation has 179 members, the Multilateral Investment Guarantee Agency has 172 members, and the International Centre for the Settlement of Investment Disputes has 143 members. Under the Articles of Agreementof IBRD, to become a member of the Bank a country must first join the International Monetary Fund (IMF). Membership in IDA, IFC and MIGA are conditional on membership in IBRD. There is a Corporate Secretariat within the World Bank which coordinates the work of the Bank’s shareholders and within that a Membership and Capital Subscriptions Unit concerned with new membership. Member countries govern the World Bank Group through the Board of Governors and the Executive Directors. These bodies make all major decisions for the organizations. |
RSS