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 president is selected by the executive directors. The Articles of Agreement do not specify the nationality of the president, but by long-standing, informal agreement, he or she is a U.S. national (by custom, nominated by the U.S. executive director), while the managing director of the IMF is a European. The president serves a term of five years, which may be renewed. There is no mandatory retirement age.
The executive vice presidents of IFC and MIGA report directly to the World Bank Group president, and as mentioned previously, the president serves as chair of ICSID's Administrative Council. (ICSID operates as a secretariat whose secretary-general is selected by the Administrative Council every six years.) Within IBRD and IDA, most organizational units report to the president and, through the president, to the executive directors. The two exceptions are the Independent Evaluation Group and the Inspection Panel, which report directly to the executive directors. Additionally, the president delegates some of his or her oversight responsibility to two managing directors, each of which oversees several organizational units.
For more information about the World Bank Group president visit http://www.worldbank.org/president. For information about previous presidents of the Bank Group.
World Bank Group headquarters in Washington, DC.