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The World Bank (WB)

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 on the basis of 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 Coorporation), 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.

SinceJune 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, BeyondNetZero, 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. 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.

Italy’s financial participation in the World Bank Group

In 2022, Italy provided to the Group 230.35 million euros for contributions to IDA and approximately 79.53 million euros for the Multilateral Debt Reduction Initiative (MDRI). Capital increases of IBRD and IFC were also paid for approximately 70 million euros.

Related links:

WBG: https://www.worldbank.org/en/home