The brief content of the lecture

I. World Bank Group includes 5 Institutions:

1. International Bank of Reconstruction and Development (IBRD).

2. International Development Association (IDA).

3. International Finance Corporation (IFC).

4. Multilateral Investment Guarantee Agency (MIGA).

5. International Center for the Settlement of Investments Disputes (ICSID).

Aim of group is supporting of economy and social progress non-developed states-members of the UNO by means of financial and consultative aids, preparation of staff. World Bank stimulates economy and social progress in developing states by financing of long-term projects and programs.

IBRD is an international intergovernmental credit financial organization, joining 184 states. IBRD was formed in 1945 due to decisions of Breton-Wood Conference. It is specialized institution of the UNO (de-jure), but according Charter and Agreements between the UNO and IBRD, Bank is independent (de-facto).

Functions of the IBRD:

- Assistance for reconstruction and development state-members by finance of economy;

- Encouragement of private and foreign investments;

- Stimulation of long-term balance international trade. Development of industrial resources of state-members;

Investments are given by developed states for stimulate of economy growth. Each investment guaranteed by government. Main part of credits directs to local development banks, which redistribute the IBRD resources. Term of the pay-off more or less 20 years. IBRD cooperates with non-governmental organizations, UNO departments, businessmen, regional organizations.

Council of managers is high body of the IBRD and consists of managers, assign by state members (usually ministers of finance or presidents of Central banks). Term of manager’s authority and their deputies is 5 years. Council of managers meets one time in year. Voting in Council depends of state capital share.

Executive Principles, electing on 2 years, respond for current business. 5 from 24 principles appoint by 5 IBRD members (Great Britain, Germany, USA, France, Japan), having most capital share in bank. Other principles represent a few states, excluding China and Saudi Arabia, which represent by own Executive Principles. Each principle appoints deputy to him.

President is elected by Executive Principles for 5 years term. He can’t be manager, principle, representative of manager or principle. President manages by current business of Bank. Traditionally representative of the USA is elected a President (USA has majority votes in the IBRD). Right of vote defines by state fee to Banks capital. 7 leading states have more than half votes in bank.

Bank has departments in 37 African, Asian, European and Latin American states. In 1994 Bank organized new information centers in Washington, London, Paris and Tokyo, offered information about development projects in the state-members, documentation projects, national ecological programs, reports about state and economy sectors.

II. IDA is a specialized department of the UNO, founded in 1960, promoted to development most backward states, by giving non percent credits. Credits of the IDA are given just to governments and postponement is 10-55 years without percents. About 80 states (half of them African states) include to the activity sphere of organization. IDA is a daughter organization of the IBRD in the UN’s system.

Conditions for taking IDA credit:

- Annual income, 925$ less per one man (category of poorest states);

- Economic, political and financial stability.

Structure:

ADI submits to the IBRD president.

Council of Managers is a high body of Association.

Staff of the ADI divides on 4 sectors:

- financing

- policy

- planning

- investigation

Financial sources of the ADI are:

- incomes of the IBRD;

- fees of state-members;

- fees of rich state-members.

III. IFC is a specialized office of the UNO, founded in 1956, as the IBRD department. Just IBRD members can be a member of the IFC.

Aims of the IFC:

- finance of private enterprises, free compensation government guarantees;

- combination of local and external capitals with leading management;

- stimulation of private capital for investment industries of the state-members.

IFC finances economy of developing and Eastern European states. Term of loan is 7-12 years. Loan is gained and put out by the same currency. Resources of the IFC consists of state-members fees, incomes of corporation, subsides of the IBRD.

Structure:

Council of Managers is a high body of the IFC. Each manager of the World Bank (with deputy) is a manager of the IFC automatically. Annual meeting of the IFC is held with meeting of the World Bank simultaneously.

Council of Principles coordinates current activity. Council consists of 24 principles of the World Bank and are members of the IFC simultaneously.

President of the IFC is chairman of the Principles Council.

Executive President responds for current activity of Corporation.

Bank Consultative Commission consists of 8 representatives of the leading International Institutes and discusses business political problems, and Corporation strategy with IFC administration.

Business Consultative Committee (leading businessmen, bankers, statesmen) meets with IFC administration for discussing economic and financial problems.

Departments of the IFC are situated in Frankfurt on Main, London, Paris and Tokyo. Representations of Corporation act in Africa (Abidjan, Accra, Dual, Harare, Cairo, Lagos, Nairobi), Asia (Bangkok, Beijing, Jakarta, Islamabad, Istanbul, Manila, Delhi), Latin America (Boones-Aires, Mexico, San-Paulo), Europe (Budapest, Moscow, Prague, Warsaw, Vienna).

Consultative Bureaus on elaboration of projects act in Washington, Abidjan, Accra, Dual, Harare, Nairobi, Bridge Town, San-Jose, Warsaw, Poznan, Sydney. 175 states are members of the IFS.

IV. MIGA was initiated by Seul Convention on October 11, 1985 and formed in 1988. MIGA has legal and financial independence.

Council of Managers is a high body of the MIGA and meets annual. Council of Principles responds for current business. President of the MIGA assigns by President of the IBRD.

V. ICSID was founded due to Convention on regulation in investment disputes between states signed on Oct.14, 1966. ICSID consists of Administrative Council and Secretariat. President of the World Bank is a Chairman of the Administrative Council. Administrative Council consists of one representative of states ratificated Convention. All members of the ICSID are members of the World Bank. Center provides base for regulation disputes between state-members and private foreign investors. Process is held in the Head-Quarter of the ACSID in Washington. ICSID has treaties with arbitration Court in Hague, regional arbitration centers Asian-African Juridical Consultative Committee in Cairo, Kuala-Lumpur, Australian Center of International Commercial Arbitration in Millburn, Australian Arbitration Center in Sydney, Singapore International Arbitration Center and Commercial Arbitration Center of Cooperation Council Persian Gulf States in Bahrain.

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