There should be an Advisory Board of at least seven persons, chosen by the Governing Council, composed of representatives of banking, commercial, industrial, trade union and agricultural interests and whose national representation is represented as widely as possible. In areas where there are specialized international organizations, the members of the Council representative of those fields shall be chosen in agreement with those organizations. The Board advises the Bank on policy issues. The Board shall meet annually and at the request of the Bank. In the event of a disagreement between the Bank and a country that is no longer a member of the Bank, or between the Bank and a Member during the permanent suspension of the Bank, such disagreement shall be submitted to arbitration by three arbitrators, one of whom shall be appointed by the Bank, another by the country concerned and by an arbitrator who, Unless otherwise agreed by the Parties, they shall be appointed by the President of the Permanent Court of International Justice or of any other executing authority provided for in the Rules of the Bank. The arbitrator has full authority to resolve all procedural matters in all cases where the parties disagree. The ICSID Convention was established by a multilateral agreement and entered into force on October 14, 1966. All loan agreements must specify the currency(s) in which payments are to be made to the Bank under the contract. However, at the option of the borrower, such payments may be made in gold or, subject to the consent of the bank, in the currency of a currency other than that prescribed in the contract. Each World Bank Group organization operates in accordance with the procedures set out in its Articles of Agreement or an equivalent management document. These documents describe the conditions of membership and the general principles of organization, management and operation. The Bank shall arrange for the proceeds of a loan to be used only for the purposes for which the loan was granted, taking due account of economic and efficiency considerations as well as political or other non-economic influences or considerations.
In all cases where the Directors have taken a decision pursuant to point (a), any Member may request that the matter be referred to the Governing Council, whose decision shall be final. Pending the outcome of the referral to the Board of Directors, the Bank may, if it deems it necessary, act on the basis of the decision of the Directors. Since 1959, the IBRD, supported by the governments of the world[5], has been rated triple A since 1959, allowing it to raise capital at lower interest rates. [16] Redeem or otherwise assume responsibility for all or part of its own outstanding obligations. ARTICLE III: General provisions on loans and guarantees You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before we leave, we`d love to hear your feedback about your experience while you`re here. Are you going to take two minutes to complete a short survey that will help us improve our website? In the 1940s and 1950s, the Bank financed projects to isolate rivers, generate electricity, and improve access to water and sanitation. It has also invested in France, Belgium and the Luxembourg steel industry. Following the reconstruction of Europe, the Bank`s mandate shifted towards the eradication of global poverty. In the case of loans from the bank, it opens an account in the name of the borrower and the loan amount is credited to that account in the currency(s) in which the loan is granted. The bank allows the borrower to use this account only to cover expenses related to the project as it actually happened. To determine whether the votes cast by a governor increased the total number of eligible votes of a person to more than fifteen percent, the fifteen percent are first considered the votes of the governor who cast the greatest number of votes for that person, and then the votes of the governor who cast the next largest number.
and so on, until fifteen percent are reached. If seven persons are not elected in the first ballot, a second ballot shall be held in which the person who obtained the least number of votes shall not have the right to vote and in which only (a) governors who voted for a person not elected in the first ballot and (b) governors whose votes for an elected person of less than 4 are classified as less than 4; received the votes cast. the person who has more than fifteen percent of the eligible votes. Once a decision has been made on a distribution referred to in subparagraph (e), the Directors may, by a two-thirds majority, successively distribute the assets of the Bank to the members until all the assets have been distributed. This distribution is subject to the prior settlement of all outstanding claims of the Bank against each member. . The IBRD is governed by the World Bank`s Board of Governors, which meets annually and consists of one Governor per member country (usually the country`s Minister of Finance or Minister of Finance). The Board of Governors delegates most of its powers to the Board of Directors on day-to-day matters such as loans and operations. The Board of Directors is composed of 25 Executive Directors[6] and is headed by the President of the World Bank Group. Executive Directors jointly represent the 189 member states of the World Bank. The President oversees the overall management and day-to-day operations of ibrd. [1] [7] Directors remain in office until their successors are appointed or elected.
If the office of elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term of office by the governors who elected the former director. A majority of the votes cast is required for the election. As long as the post remains vacant, the deputy of the former director shall exercise his powers, with the exception of the appointment of an alternate. Arrangements for the selection of provisional administrators shall be made at the first meeting of the Governing Council. The governments of the five countries to which most of the shares are allocated under Regime A appoint provisional administrators. If one or more of these Governments have not become members, the posts of Executive Directors which they would be entitled to fill until they become members or until 1 January 1946, whichever is the earlier, shall remain vacant. .
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