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This Week in World Bank History: September 15 – 28

September 20, 2002This week’s "This Week in World Bank History" covers the two-week period of September 15-28.

Camille Gutt, Hugh Dalton, John. W. Snyder and Eugene Meyer at the 1946 Annual Meetings

September 20, 1946—Daniel Crena de Iongh is appointed treasurer.

September 27, 1946—First Annual Meeting of Governors convenes at the Wardman Park Hotel in Washington, with 38 member nations and a staff of 72.

September 27, 1946—Five percent of capital subscription called.

September 22, 1947—Government of Belgium approves the use of the Belgian franc equivalent of $2,000,000 for IBRD lending purposes.

September 16, 1948—US Executive Director Eugene Black addresses the Savings Banks Association of Massachusetts, speaking on "The Place of the International Bank in World Reconstruction."

September 27, 1948—Third Annual Governors meeting convenes in Washington, D.C.

September 27, 1951—Bank economic survey mission to Ceylon (now Sri Lanka) is announced (first Bank mission to Ceylon).

September 16, 1952—"Recommendations for a Five Year Program for the economic development of Nicaragua were made public today…The mission’s report was presented last week in Managua to His Excellency Anastasio Somoza, President of the Republic of Nicaragua, by Robert L. Garner, Vice President of the International Bank." World Bank press release, September 16, 1952.

September 22, 1952—"The Management has reached the conclusion that there are advantages to be gained from organizing the operational activities of the Bank on a geographical rather than on the present functional basis." The Bank is reorganized. Three Area Departments of Operations are created: Asia and Middle East (Director to be named); Europe, Africa, and Australasia (Director, A.S.G. Hoar); and Western Hemisphere (Director, J.B. Knapp). Also created are the Department of Technical Operations (Director, General R.A. Wheeler), the Economic Staff (Director, Leonard B. Rist), and the Technical Assistance and Liaison Staff (Director Richard H. Demuth).

September 18, 1953—General survey mission to Nigeria announced. It is the tenth general survey mission organized by the Bank, and the first to visit Africa.

The first Annual Meetings were held in Washington on September 27, 1946. The photo shows, left to right, W. L. Clayton, N. Sundaresan,Te-Mou Shi, IMF Managing Director Camille Gutt, U.S. Secretary of the Treasury John Snyder, World Bank President Eugene Meyer, H. Dalton, and Executive Director P. Mendes-France

September 25, 1953—Chester A. McLain, former General Counsel of the Bank, dies.

September 25, 1953—First funding for Panama: Loan 0086 – Agricultural Machinery Project.

September 15, 1954—C. B. H. Colquhoun replaces R. A. Wheeler as Engineering Adviser to the Bank.

September 24, 1954—Ninth Annual Meeting opens at the Mayflower Hotel, Washington.

September 18, 1956—Swiss government loans World Bank 200 million Swiss francs – about $47 million.

September 18, 1956—First funding for Costa Rica: Loan 0147 – Capital Goods Importation Credit Project.

September 20, 1956—IBRD Articles of Agreement are signed by Argentina, which becomes the 59th member of the Bank.

September 20, 1956—Michael L. Hoffman named director of Economic Development Institute.

September 21, 1956—IBRD Articles of Agreement are signed by Vietnam, which becomes the 60th member of the Bank.

September 24, 1956—Eleventh annual meeting of Governors of Bank convenes in Washington; at Sheraton Park Hotel. IFC holds first meeting.

September 26, 1956—IFC Articles of Agreement are signed by Israel, which becomes the 33rd member of IFC.

September 26, 1956—Indus Waters negotiation extended until March 31, 1957.

September 28, 1956—IFC Articles of Agreement signed by Austria, becoming the 34th member of IFC.

Delegates at the 1948 Annual Meetings in Washington

September 20, 1957—IBRD Articles of Agreement signed by Ghana, becoming the 64th member of the Bank.

September 23, 1957—Twelfth annual meeting opens at Sheraton Park Hotel in Washington, DC.

September 23, 1957—IFC Articles of Agreement are signed by Afghanistan, which becomes the 52nd member of IFC.

September 26, 1957—IFC Articles of Agreement are signed by Greece, which becomes the 53rd member of IFC.

September 15, 1958—IBRD Articles of Agreement are signed by Spain, which becomes the 67th member of the Bank.

September 17, 1958—IBRD Articles of Agreement are signed by Libya, which becomes the 68th member of the Bank.

September 18, 1958—IFC Articles of Agreement are signed by Libya, which becomes the 57th member of IFC.

September 22, 1958—First funding for Malaysia: Loan 0210 – Cameron Highlands Hydroelectric Power Project.

September 16, 1959—Bank capital increased from $10 billion to $21 billion.

September 16, 1959—First and only loan for nuclear power is approved, to Italy through the Cassa per il Mezzogiorno. The loan was for $40 million for the construction of a 150,000 kilowatt atomic power plant.

September 16, 1959—Announcement of the death of Henry W. Riley, Treasurer of the Bank and IFC.

September 16, 1959—The World Bank announces a major increase in its capital. Authorized capital has been increased from $10 billion to $21 billion and increased capital subscriptions from member governments amounting to $8,801.4 million has been received.

September 20, 1959—World Bank sends a general survey mission to Venezuela, headed by Henry R. Labouisse.

September 28, 1959—Annual meetings of Bank/IFC convene at Sheraton Park Hotel in Washington; Governors ask that IDA charter be drafted, based upon the proposal of the United States.

September 19, 1960—Indus Waters Treaty is signed by Pakistan, India, and the World Bank in Karachi. Indus Basin Development Fund is created, with Pakistan, Australia, Canada, Germany, New Zealand, the United Kingdom, and the United States as contributors. The World Bank serves as administrator to the Fund.

September 26, 1960—The World Bank sends a general survey mission to Uganda at the request of the Ugandan government and the government of the United Kingdom. The mission is expected to remain in Uganda for three months.

September 24, 1960—The International Development Association (IDA) comes into being, with an initial subscription of $912.7 million. The original 15 signatories include Pakistan, Sweden, Australia, Vietnam, Norway, China, United States, Canada, Sudan, Malaysia, United Kingdom, Italy, India, Germany, and Thailand.

September 25, 1960—IFC announces that a proposal to amend its charter (to permit equity investment) will be discussed informally during annual meeting of Governors.

September 26, 1960—Annual Meetings open in Washington, D.C.

September 18, 1961—The Dominican Republic rejoins the Bank (becoming the 72nd member).

September 19, 1961—Annual Bank-Fund meetings convene at the Hofburg Palace, Vienna.

September 20, 1961—A World Bank mission travels to Kenya, to undertake a general survey of the economy and assist in the formulation of a program of economic growth. The 10-person mission is headed by Edmond H. Leavey, former head of ITT.

J. Burke Knapp, appointed Director of Western Hemisphere Department, 1952; retired in 1977 after twenty five years in the Bank

September 17, 1962—First funding for Tunisia: Credit 0029 – Education Project (first World Bank Group financing of education).

September 17, 1962—Annual Meetings open at Sheraton Park Hotel in Washington, D.C.

September 18, 1962—IFC Articles of Agreement are signed by Saudi Arabia, which becomes the 72nd member of IFC.

September 27, 1962—A resident mission is established in Bogota, Colombia, headed by Peyton Kerr.

September 16, 1963—IBRD Articles of Agreement are signed by Trinidad and Tobago, which becomes the 93rd member of the Bank.

September 16, 1963—IDA Articles of Agreement are signed by Dahomey (Benin), which becomes the 79th member of IDA.

September 23, 1963—First funding for Mauritius: Loan 0355 – Power Project (01).

September 25, 1963—IBRD and IDA Articles of Agreement are signed by Malagasy Republic (Madagascar), which becomes the 94th member of the Bank and the 80th member of IDA.

September 26, 1963—IBRD and IDA Articles of Agreement are signed by Algeria, which becomes the 95th member of the Bank and the 81st member of IDA.

September 27, 1963—IFC Articles of Agreement are signed by Malagasy Republic (Madagascar), which becomes the 74th member of IFC.

September 27, 1963—IBRD and IDA Articles of Agreement are signed by Mali, which becomes the 96th member of the Bank and the 82nd member of IDA.

September 27, 1963—IBRD, IFC, and IDA Articles of Agreement are signed by Uganda, which becomes the 97th member of the Bank, the 75th member of IFC, and the 83rd member of IDA.

September 28, 1963—IBRD and IDA Articles of Agreement are signed by Burundi, which becomes the 98th member of the Bank and the 84th member of IDA.

September 28, 1963—IBRD and IDA Articles of Agreement are signed by Congo (Leopoldville) (Democratic Republic of Congo), which becomes the 99th member of the Bank and the 85th member of IDA.

September 28, 1963—IBRD Articles of Agreement are signed by Guinea, which becomes the 100th member of the Bank.

September 20, 1965—Michael L. Hoffman is appointed associate director, Development Services Department.

September 23, 1965—IBRD, IFC and IDA Articles of Agreement are signed by Zambia, which becomes the 103rd member of the Bank, the 80th member of IFC, and the 96th member of IDA.

September 27, 1965—Annual Meetings open at Sheraton Park Hotel in Washington, D.C.

September 15, 1966—Mohamed Shoaib is appointed Vice President of the Bank and IDA. He is the first vice president from a developing country.

September 15, 1966—The Netherlands deposits with the World Bank the instrument of ratification of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. The Netherlands became the 20th state to ratify the Convention, thus causing the Convention to enter into force.

September 26, 1966—IBRD Articles of Agreement are signed by Guyana, which becomes the 105th member of the Bank.

General Raymond A. Wheeler, appointed Director of the Department of Technical Operations, 1952

September 26, 1966—1966 Annual Meetings convene at the Sheraton Park Hotel in Washington. The 1966 Annual Report indicated that in the 20 years since the World Bank began operations, the industrial countries had achieved unprecedented prosperity; the underdeveloped countries as a group had doubled production and income, although they continued to be hard pressed by unfavorable economic and population trends.

September 15, 1967—Norway becomes the 34th member of ICSID.

September 16, 1967—Japan becomes the 35th member of ICSID.

September 20, 1967—France becomes the 36th member of ICSID.

September 25, 1967—Annual meetings convene at the Museum of Modern Art in Rio de Janeiro.

September 19, 1968—IDA Articles of Agreement are signed by Lesotho, which becomes the 101st member of IDA.

September 23, 1968—IBRD, IFC and IDA Articles of Agreement are signed by Mauritius, which becomes the 110th member of the Bank, the 90th member of IFC, and the 102nd member of IDA.

September 15, 1969—The Pearson Commission presents its report, Partners in Development.

September 22, 1969—IBRD, IFC and IDA Articles of Agreement are signed by Swaziland, which becomes the 111th member of the Bank, the 92nd member of IFC and the 103rd member of IDA.

September 26, 1969—IDA Articles of Agreement are signed by Guinea, which becomes the 104th member of IDA.

September 26, 1970—Belgium becomes the 58th member of ICSID.

September 27, 1971—World Bank President Robert McNamara addresses the Board of Governors at the Annual Meetings in Washington, stating that the basic issues of global development reached far beyond the statistics of gross national product in the poorer countries of the world. "Adequate nutrition, the availability of employment, a more equitable distribution of income, and an improvement in the quality of life itself are the goals the more than two billion people of the developing world are seeking." Mr. McNamara pointed out that a "major barrier to human development" was malnutrition, saying that it was widespread, was a major cause of high mortality among children…" We are not speaking here of dietetic nuances, or the fancies of food faddists. We are speaking of basic nutritional deficiencies which affect the minds and bodies of human beings." World Bank Press Release September 27, 1971.

September 15, 1972—IBRD Articles of Agreement are signed by Bahrain, which becomes the 119th member of the Bank.

September 22, 1972—IBRD Articles of Agreement are signed by United Arab Emirates, which becomes the 120th member of the Bank.

September 22, 1972—Third replenishment of IDA resources goes into effect with commitment authority of $2.5 billion for the three-year period fiscal 1972-1974.

September 25, 1972—President McNamara opens the Annual Meetings in Washington, warning that official development assistance (ODA) by the wealthier countries is "seriously inadequate," and that new approaches were needed to solve the problem of uneven income distribution. He called for the dismantling of discriminatory trade barriers.

September 25, 1972—IBRD Articles of Agreement are signed by Qatar, which becomes the 121st member of the Bank.

September 26, 1972—The World Bank publishes The Economic Analysis of Agricultural Projects, by J. Price Gittinger.

September 24, 1973—In his address to the Board of Governors at the annual meetings in Nairobi, Kenya, President McNamara proposes a strategy for rural development with an emphasis on productivity of smallholder agriculture. He warns that official development assistance (ODA) is inadequate, and that over 800 million people live in absolute poverty. Bank Group financing of development efforts will increase by 40 percent over the next five years.

September 23, 1974—In its Annual Report, the World Bank warns that without a major, worldwide effort, 800 million people in the developing countries can expect almost no improvement in their lives during the rest of the 1970s. The report said that development prospects were "uncertain."

Delegates at the 1954 Annual Meetings in Washington

September 16, 1977—Senior staff changes are announced by President McNamara. J. Burke Knapp, Senior Vice President Operations, will retire after twenty-five years at the Bank. I.P.M Cargill is appointed Senior Vice President, Finance. Mr. Ernest Stern is appointed Vice President, Operations, while Mr. W. David Hopper will replace Mr. Stern as Vice President South Asia Region. Mr. Eugene Rotberg is made Vice President in addition to his role as Treasurer of the Bank.

September 26, 1977—President McNamara opens the Annual Meetings in Washington, D.C. He stated that policies for economic growth should have goals of expanded trade and greater access to capital. Policies for redirecting growth should seek to enhance the productivity of the poor and to redesign public services. The international community must help by expanding trade opportunities and increasing capital flows. He announced that the political leaders who had formed the Brandt Commission had recommended the creation of a "World Economic Report," and he also announced that he wanted to initiate an ongoing assessment of development problems in order to improve the Bank’s own understanding of the development process, and thereby developing a framework by which developing countries can deal with their problems more effectively. (The first World Development Report was issued in August 1978.)

September 22, 1978—IBRD Articles of Agreement are signed by Solomon Islands, which becomes the 133rd member of the Bank.

September 25, 1978—President McNamara opens the Annual Meetings in Washington, D.C., and exhorts the developed world to intensify efforts to assist the 600 million people projected to be in absolute poverty by the end of the century. He stated that the goals announced in his 1973 Nairobi speech for the attack against poverty have succeeded: lending for agriculture and rural developments projects since that speech had increased by 145 percent. However, McNamara reiterated his belief that the only feasible hope for reducing poverty is to assist the poor to become more productive.

September 15, 1980—A. David Knox appointed Regional Vice President, Western Africa.

September 28, 1981—IBRD, IFC, and IDA Articles of Agreement are signed by Vanuatu, which becomes the 140th member of the Bank, the 120th member of IFC, and the 126th member of IDA.

September 28, 1981—IBRD and IDA Articles of Agreement are signed by Bhutan, which becomes the 141st member of the Bank and the 127th member of IDA.

September 19, 1983—IFC Articles of Agreement are signed by The Gambia, which becomes the 125th member of IFC.

September 22, 1983—IBRD Articles of Agreement are signed by Antigua and Barbuda, which becomes the 145th member of the Bank.

September 24, 1983—IFC Articles of Agreement are signed by Mozambique, which becomes the 126th member of IFC.

September 26, 1983—IBRD Articles of Agreement are signed by Malta, which becomes the 146th member of the Bank.

Loan signing for the first loan to Costa Rica, 1956

September 23, 1984—President Clausen establishes a Special Office for African Affairs, to serve as the focal point for the World Bank’s coordination, consultation, and action on development issues. Xavier de la Renoudiere is appointed the Special Adviser. Also, the report Toward Sustained Development in Sub-Saharan Africa: A Joint Program of Action is released, announcing a new World Bank program for action in Sub-Saharan Africa.

September 24, 1984—IBRD and IDA Articles of Agreement are signed by Mozambique, which becomes the 148th member of the Bank and the 132nd member of IDA.

September 24, 1984—President Clausen opens the 39th Annual Meetings in Washington, D.C. saying that although the worst of the debt crisis seems to be over, the future prospects for international aid to the developing countries appear bleak.

September 24, 1985—The World Bank opens a Resident Mission in Nouakchott, Mauritania, headed by Mr. Etienne Baranshamaje.

September 15, 1986—The Preparatory Committee for the Establishment of the Multilateral Investment Guarantee Agency (MIGA), meeting in Washington, completes the detailed design of the Agency’s initial policies and procedures. President Conable opened the meeting, which closed on September 19. The Committee reviewed and amended regulations drafted by the World Bank and recommended the approved texts to the future governing bodies of the Agency.

September 17, 1986—President Conable addresses world trade leaders at the Ministerial Meeting of the General Agreement on Tariffs and Trade (GATT) in Punta de Este, Uruguay. "Economic growth in all countries can only be achieved in the context of a liberal trade environment," said Mr. Conable. "A rationalization of the world’s agricultural trade is necessary…Failure to deal with this subject in your negotiations, for whatever historical reason, will continue conditions which damage trade relations generally and which impede the development process." World Bank press release, September 17, 1986.

September 23, 1986—The World Bank opens a resident mission in Manila, the Philippines. Rolando Arrivillaga is appointed Resident Representative.

September 16, 1987—Further Questions and Answers on Implementing the Bank Reorganization are issued to all staff.

September 17, 1987—Executive Directors approve an additional $35 million for separation packages for staff leaving due to the reorganization.

September 18, 1987—The World Bank releases its Annual Report. Total loans and credits extended to developing countries by the World Bank were expected to range between $17 and $19 billion. During fiscal 1987, the momentum of economic reform quickened in the developing countries, despite difficult political and social constraints and in the face of continuing deterioration of the international economic environment. Debt is a major obstacle to economic and social progress and the unfavorable world economic climate has severely impacted developing countries. Other developments described in the Report included continuing discussions on a General Capital Increase for IBRD; reorganization of the Bank; the eighth IDA replenishment; new initiatives to help women in developing countries, strengthen the Bank’s commitment to the environment, and further steps towards the creation of MIGA.

September 22, 1987—Stanley Fischer is appointed Chief Economist and Vice President for Development Economics.

September 27, 1987—President Conable opens the Annual Meetings in Washington, D.C., for a "rededicated [and] renewed World Bank".

September 21, 1988—World Bank Vice President and Treasurer Donald Roth announces a new short-term borrowing program in Swiss Francs. The World Bank instrument is called COPS – Continuously Offered Payment-Rights in Swiss francs. The Bank will offer COPS on a daily basis in minimum denominations of SwF 100,000, primarily for short-term maturities of 1, 3, and 6 months.

Textile machinery imported as part of the first loan to Costa Rica, 1956

September 18, 1989—The World Bank launches its first global bond offering, a $1.5 billion 10-year issue. It is the largest fixed-rate dollar-denominated debt issue ever in the international capital markets.

September 19, 1989—IBRD, IFC, IDA, and MIGA Articles of Agreement are signed by Angola, which becomes the 152nd member of the Bank, the 134th member of IFC, the 138th member of IDA, and the 53rd member of MIGA.

September 25, 1989—The World Bank and European Investment Bank (EIB) agree to cooperate in a major effort to protect the Mediterranean Sea and its coastal areas from further environmental degradation. The Environmental Program for the Mediterranean (EPM) foreshadows the Mediterranean Environmental Technical Assistance Program (METAP) which becomes operational in 1990.

September 26, 1989—President Conable opens Annual Meetings in Washington.

September 17, 1990—The World Bank, UNDP and UNEP issue a joint statement pledging cooperation in joint programs to protect the environment. The heads of the institutions identified four areas of priority: protection of the ozone layer, climate change and global warming, protection of biodiversity, and the clean-up and protection of international waters.

September 20, 1990—Czechoslovakia rejoins the Bank, IFC, and IDA (bringing the total membership of IBRD to 152, IFC membership to 136, and IDA membership to 138). Czechoslovakia joins MIGA, becoming the 61st member.

September 23, 1990—IFC Articles of Agreement are signed by Algeria, which becomes the 137th member of IFC.

September 23, 1990—IFC Articles of Agreement are signed by Romania, which becomes the 138th member of IFC.

A procession of heavy trucks hauling equipment to the site of Malaya’s Cameron Highlands hydroelectric scheme, 1958

September 24, 1990—MIGA Articles of Agreement are signed by Fiji, which becomes the 62nd member of MIGA.

September 24, 1990—The World Bank publishes its first Environmental Annual Report.

September 25, 1990—IBRD Articles of Agreement are signed by Bulgaria, which becomes the 153rd member of the Bank.

September 25, 1990—IBRD, IFC and MIGA Articles of Agreement are signed by Namibia, which becomes the 154th member of the Bank, the 139th member of IFC and the 63rd member of MIGA.

September 25, 1990—President Conable opens Annual Meetings in Washington, DC, warning that the Gulf Crisis must not distract the world’s attention from the plight of the poor.

September 17, 1991—President Preston announces a limited reorganization of the Bank, establishing three managing directors in the office of the President: Attila Karaosmanoglu, Sven Sandstrom, and Ernest Stern.

September 15, 1992—MIGA Articles of Agreement are signed by Seychelles, which becomes the 90th member of MIGA.

September 16, 1992—IBRD Articles of Agreement are signed by Armenia, which becomes the 168th member of the Bank.

September 17, 1992—MIGA Articles of Agreement are signed by Morocco, which becomes the 91st member of MIGA.

September 18, 1992—IBRD Articles of Agreement are signed by Azerbaijan, which becomes the 169th member of the Bank.

September 18, 1992—IBRD Articles of Agreement are signed by Republic of Kyrgyzstan (Kyrgyz Republic), which becomes the 170th member of the Bank.

September 18, 1992—MIGA Articles of Agreement are signed by Belgium, which becomes the 92nd member of MIGA.

September 21, 1992—The World Bank publishes its 1992 Environment Annual Report indicating that the Bank is moving to the next stage of its environmental work, from earlier efforts to integrate the goals of environment and development to a new phase of implementing policies and ensuring that action corresponds more consistently to objectives.

September 21, 1992—Chief Economist Larry Summers announces that the vast majority of Bank education lending will include specific steps to expand female education.

September 21, 1992—IBRD Articles of Agreement are signed by Uzbekistan, which becomes the 171st member of the Bank.

September 22, 1992—IBRD Articles of Agreement are signed by Turkmenistan, which becomes the 172nd member of the Bank.

President George Woods and Secretary Morton Mendels at the 1966 Annual Meetings

September 22, 1992—The Board of Governors approves a resolution to increase the number of Executive Directors from 22 to 24 to accommodate the large number of countries that have become members of the institution. It is the first time a seat has been added to the Board of Executive Directors since 1986.

September 23, 1992—IFC Articles of Agreement are signed by Marshall Islands, which becomes the 148th member of IFC.

September 23, 1992—MIGA Articles of Agreement are signed by Bulgaria, which becomes the 93rd member of MIGA.

September 23, 1992—MIGA Articles of Agreement are signed by Azerbaijan, which becomes the 94th member of MIGA.

September 24, 1992—IDA Articles of Agreement are signed by republic of Kyrgyzstan (Kyrgyz Republic), which becomes the 145th member of IDA.

September 24, 1992—IDA Articles of Agreement are signed by Uzbekistan, which becomes the 146th member of IDA.

September 24, 1992—MIGA Articles of Agreement are signed by Estonia, which becomes the 95th member of MIGA.

September 16, 1993—The World Bank issues Water Resources Management policy paper, outlining Bank assistance in the economic, environmental and equitable use of water resources.

September 21, 1993—MIGA Articles of Agreement are signed by Kyrgyz Republic, which becomes the 113th member of MIGA.

September 22, 1993—The independent Inspection Panel is established, with the mandate to receive and investigate complaints that the Bank has not followed its own policies and procedures with respect to the design, appraisal, or the implementation of development projects. The first members of the panel are announced April 22, 1994.

September 28, 1993—The World Bank agrees to provide more than $1.8 billion in loans to Mexico for environmental projects over the next three years. The loans will finance projects in water supply, sanitation, industrial pollution control, protection of natural resources, capacity building, and education.

September 17, 1994—Spain becomes the 114th member of ICSID.

September 24, 1994—The Code of Professional Ethics is distributed to all staff.

September 26, 1994—MIGA Articles of Agreement are signed by Benin, which becomes the 124th member of MIGA.

September 22, 1995—IFC Articles of Agreement are signed by Bahrain, which becomes the 167th member of IFC.

September 16, 1996—Managing Directors Gautam S. Kaji, Caio Koch-Weser, and Sven Sandstrom announce the launch of the "networks" initiative, beginning with the Human Development Network.

September 25, 1996—The Fourth Environmentally Sustainable Development (ESD) conference Rural Well-Being: From Vision to Action opens in Washington.

September 28, 1996—African Governors of the Bank request that the World Bank take a lead role in the Partnership for Capacity Building in Africa initiative.

September 16, 1997—President Wolfensohn addresses Tokyo symposium on development cooperation organized by World Bank and Japan’s Overseas Economic Cooperation Fund (OECF), arguing the continued importance of aid organizations.

September 19, 1997—The World Bank releases its Annual Report. The Report highlighted the Strategic Compact—fundamental reforms which were to make the Bank more effective in achieving its basic mission. The Report also pointed out the significant progress made in the Highly Indebted Poor Countries (HIPC) initiative, the expanded use of poverty assessments, the incorporation of the social dimensions of development more closely into Bank activities, renewing the focus on rural development, responding to financial crises, and supporting countries emerging from conflict.

September 23, 1997—President Wolfensohn opens Annual Meetings in Hong Kong, calling for a narrowing of the gap between rich and poor, and good governance in member nations. He describes the Bank’s Strategic Compact.

September 23, 1998—The World Bank issues its 1998 Annual Report, which says that in a year of profound change and volatility in global financial markets, the World Bank provided timely help to countries in crisis, and improved its capacity to respond to the needs of all its client countries as a result of a major program of internal reform.

September 25, 1998—MIGA Articles of Agreement are signed by Iceland, which becomes the 147th member of MIGA.

September 28, 1998—The World Bank and UNESCO co-sponsor Understanding Culture in Sustainable Development: Investing in Cultural and Natural Endowments conference in Washington.

Mohamed Shoaib, appointed Vice President of the Bank and IDA, 1966

September 14, 1999—The Bank launches its new HIV/Aids Strategic Plan Intensifying Action Against HIVE/AIDS in Africa: Responding to a Development Crisis. The Bank warned that the AIDS crisis was quickly undoing all the development achievements of the past 30 years in Africa.

September 16, 1999—The 1999 Annual Report is released, stating that the Bank was able to maintain its focus on poverty reduction while at the same time providing rapid response to financial and natural crises, assisting in post-conflict recovery, launching the Comprehensive Development Framework, joining with UNAIDS and other partnerships, and providing debt relief through HIPC.

September 16, 1999—The World Bank issues its first Policy Based Guarantee Operation. The guarantee instrument was issued to Argentina for $250 million. The Policy Based Guarantee instrument was approved by the Bank’s Board in April 1999 to extend the Bank’s existing partial guarantee program beyond investment projects to sovereign borrowings. This guarantee instrument was designed to support five emerging economies with a strong track-record of macroeconomic stability and growth, but whose access to international financial markets is temporarily constrained.

September 20, 1999—At the World Trade Organization meetings in Geneva, World Bank Senior Vice President and Chief Economist Joseph Stiglitz spoke of the great potential of liberalization to the developing countries, and urged that all trade negotiations be fair and comprehensive.

September 21, 1999—MIGA Articles of Agreement are signed by St. Kitts and Nevis, which becomes the 150th member of MIGA.

September 24, 1999—Dr. Mamphela Ramphele is appointed Managing Director, Human Development.

September 27, 1999—The World Bank and OECD launch Global Corporate Governance Forum, to identify the major elements of reform and how the Bank and its partners can contribute to governance and accountability in member nations.

September 27, 1999—James D. Wolfensohn is appointed to a second term as World Bank President.

September 28, 1999—President Wolfensohn opens Annual Meetings in Washington, and puts governance issues at the center of development.

September 29, 1999—IDA Articles of Agreement are signed by Barbados, which becomes the 161st member of IDA.

September 8, 2000—Central African Republic becomes the 153rd member of MIGA.

September 20, 2000—The Global Fund for Children’s Vaccines announces that it will give more than $150 million worth of vaccines and funding to improve immunization programs in Africa, Asia, and Latin America.

September 21, 2000—IBRD Articles of Agreement are signed by the Republic of San Marino, which becomes the 182nd member of the Bank.

September 26, 2000—President Wolfensohn opens Annual Meetings in Prague, Czech Republic. The meetings are marred by violence and protests against globalization and the debt relief initiative and close one day earlier than scheduled.

September 17, 2001—World Bank President Wolfensohn and IMF Managing Director Kohler issue the following statement on the 2001 Annual Meetings: "In consultation with the U.S. authorities and the other member governments, the World Bank Group and the International Monetary Fund have decided not to hold their Annual Meetings on September 29-30, 2001. The normal business of the Bank and the Fund will not be interrupted. Alternative arrangements for conducting the required business of the meetings will be determined. We expect to return to the normal schedule for Bank and Fund meetings in 2002. This decision was taken out of deepest respect and sympathy for the families of all those touched by the horrific events of last Tuesday, and in order to dedicate law enforcement personnel fully to the extraordinary and immediate priorities at hand." World Bank press release, September 17, 2001. (The 56th Annual Meetings were ultimately held in Washington in December in abbreviated format to conduct the essential business portion of the Annual Meetings. No speeches or ancillary meeting and events were held.)

September 19, 2001—The World Bank announces that it would join the United Nations as a full partner in implementing the Millennium Development Goals, which were endorsed by 189 countries at the September 2000 UN Millennium General Assembly in New York.

September 21, 2001—World Bank President Wolfensohn meets with H.E. Ms. Megawati Soekarnoputri, President of the Republic of Indonesia and offers continued World Bank support to Indonesia as it seeks to rebuild its economy, tackle corruption, and reduce poverty.

Without Records there is no History. Courtesy of ISG’s World Bank Group Archives.




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