The World Bank
The World Bank is a global organization created in 1944 at the Bretton Woods Conference alongside the International Monetary Fund. The World Bank has two divisions: the International Bank for Reconstruction and Development and the International Development Association. They provide loans and grants, primarily to poorer countries, that are financed by wealthier nations. Currently, they have 184 member countries, and their main goal is to reduce poverty. The World Bank plays an essential role in the global economy and strives to develop countries to benefit from international commerce and improve living standards. Read pages 7-11 and browse the other sections to become familiar with the World Bank's structure and purpose.
The World Bank Group operates under the authority of its Boards of Governors. Each of the member countries of the Bank Group institutions appoints a governor, who is usually a government official at the ministerial level. If a member of IBRD is also a member of IDA or IFC, the appointed governor serves ex officio on the IDA and IFC Boards of Governors. MIGA governors are appointed separately to its Council of Governors. ICSID has an Administrative Council rather than a Board of Governors. Unless a government makes a contrary designation, its appointed governor for IBRD sits ex officio on ICSID's Administrative Council.
The governors admit or suspend members, review financial statements and budgets, make formal arrangements to cooperate with other international organizations, and exercise other powers that they have not delegated. Once a year, the Boards of Governors of the Bank Group (including ICSID's Administrative Council) and the International Monetary Fund (IMF) meet in a joint session known as the Annual Meetings. Because the governors meet only annually, they delegate many specific duties to the executive directors.