Member countries of the World Bank Group appoint or elect Executive Directors* to the Boards of the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA). While there are four Boards, Executive Directors serving on these Boards are usually the same. Under the Articles of Agreement of IDA and IFC, Executive Directors and Alternates of the Bank serve ex officio as Executive Directors and Alternates of IDA and IFC, as long as the country that appoints them, or any one of the countries that have elected them, is a member of IFC and IDA. Furthermore, it is customary for the Directors of MIGA to be the same individuals as the Executive Directors of the Bank. A detailed description on the nature and work of the Boards can be obtained by viewing the pages below:
The World Bank was founded in 1944 for the primary purpose of assisting its member countries in the reconstruction and development of their economies. While the purposes of the Bank, as articulated in its Articles of Agreement, have remained unchanged, the Bank’s central focus has turned to poverty reduction. Over the past half century, the world has changed and, inevitably, so too has the World Bank.
Governance Structure The World Bank stays faithful to its mandate as enshrined in the Articles of Agreement and in policies and decisions made thereunder by the Board of Governors, the Executive Directors and Bank Management.