Each of the World Bank Group organizations operates according to procedures established by its articles of agreement or an equivalent governing document. These documents outline the conditions of membership and the general principles of organization, management, and operations.
IBRD's Articles of Agreement were drawn up at the United Nations Monetary and Financial Conference, at Bretton Woods, New Hampshire, July 1-22, 1944. The governing document became effective in Dec. 27, 1945 and has been amended twice. The first amendment was done in 1965 and the second in 1989.
IDA's Articles of Agreement were drawn up by the Bank's Executive Directors, and came into effect September 24, 1960.
IFC's Articles of Agreement were drawn up by the Bank's Executive Directors, and came into effect July 20, 1956. IFC's governing document has been amended 3 times: 1961, 1965 and 1993.
MIGA's Convention was discussed by the Bank's Executive Directors on the basis of draft conventions prepared by Bank's staff. The Convention entered into force on April 12, 1988.
ICSID's Convention is also established by multilateral agreement and entered into force in October 1966.
Dec. 27, 1945: Effectuation of the Articles of Agreement for the Bank. The US Acting Secretary of State Dean Acheson addresses representatives of 28 nations at the State Department in Washington, D.C. to sign the Bretton Woods Agreement.
Aug. 27, 1948 Austria joined IBRD.