The World Bank (WB) is the leading international organization for development support and poverty reduction. Established in 1945, together with the International Monetary Fund, following the Bretton Woods Agreements, it is formally a specialized agency of the United Nations, and 189 member countries belong to it. Unlike the UN system, the voting system within the WB is weighted based on the capital shares paid by its members / shareholders.
The World Bank Group (WBG) includes the following related institutions: IBRD (International Bank for Reconstruction and Development), IDA (International Development Association), IFC (International Financial Corporation), MIGA (Multilateral Investment Guarantee Agency) and ICSID (International Center for Settlement of Investment Disputes).
The main decision-making body of the WB is the Council of Governors appointed by each member country (Italy is represented by the Governor of the Bank of Italy). The body that manages the administration of the Bank is the Executive Council made up of 25 Executive Directors appointed or elected by the member countries.
The Executive Council is chaired by the President of the BM who is also responsible for the management of the Bank.
Since June 2023, the President of the WB is a naturalized American, Ajay Banga, former President and CEO of Mastercard who launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, Beyond Net Zero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
The Executive Director for Italy also represents Albania, Greece, Malta, Portugal, San Marino and Timor Leste. The mission of the Executive Director’s Office is to represent the countries of the constituency in meetings at the World Bank, as well as in direct consultations and negotiations with the Offices of other Executive Directors, to obtain support in the pursuit of the Bank’s strategic objectives: end poverty by 2030 and promote prosperity globally.
The member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries’ ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and of the International Monetary Fund.
The Executive Director for Italy also represents Albania, Greece, Malta, Portugal, San Marino and Timor Leste, starting from November 2020 the ED for Italy is Mr. Matteo Bugamelli. The mission of the Executive Director’s Office is to represent the countries of the constituency during the meetings at the World Bank, as well as in direct consultations and negotiations with the Offices of other Executive Directors and to obtain support in the pursuit of the Bank’s strategic objectives: to end poverty by 2030 and to promote prosperity globally.
Since 2001, a branch of the BM has been operating in Rome, carrying out representative duties and promoting collaboration between the Bank and the Italian institutions active in the field of international cooperation.
On the sidelines of the 2024 G7 Summit in Borgo Egnazia, Prime Minister Giorgia Meloni and World Bank Group President Ajay Banga signed a Declaration of Intent to strengthen bilateral cooperation in Africa through the joint identification, implementation and co-financing of development projects.
During the 2025 Spring Meetings, a co-financing Framework Agreement between the Italian Government and the World Bank was finalized and signed by the Minister of Economy and Finance Giorgetti and President Banga. The agreement enables the identification of projects of common interest for the co-financing or parallel financing of development initiatives in partner countries, with particular attention to Africa. A Task Force with the World Bank has also been created for the implementation of projects co-financed by Italy through the Mattei Plan.
Italian Staff in the World Bank Group
At the World Bank, there are 289 Italian officials (130 women and 159 men), out of a total of 18,811 staff. Italian officials represent 1.53% of the total. Data refers to 31 March 2025.
Italy’s Financial Participation in the World Bank Group
According to OECD data, in the period 2015–2023 Italy contributed USD 3.54 billion to World Bank activities.
In 2024, Italy disbursed €281.3 million to the Group as contributions to IDA and approximately €79.64 million for the Multilateral Debt Relief Initiative (MDRI), launched in 2005. Italy also paid its shares for the capital increases of IBRD and IFC, amounting to roughly €56.18 million.