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The World Bank Group consists of three closely affiliated intergovernmental institutions: the International Bank for Reconstruction and Development (hereinafter referred to as the Bank, IBRD, or the World Bank), the International Finance Corporation (IFC), and the International Development Association (IDA). These institutions are the chosen multilateral instruments of governments for providing external capital on a global basis to help finance the development of the world's low-income countries
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- Copyright © The IO Foundation 1968
References
1 Article I of the Articles of Agreement of the International Bank for Reconstruction and Development. The statistical information regarding the operations of the World Bank Group was derived primarily from International Bank for Reconstruction and Development and International Development Association, 1965–1966 Annual Report (Washington, 1966)Google Scholar; International Finance Corporation, Annual Report 1965–1966 (Washington, 1966)Google Scholar; and from prior annual reports. The literature concerning the Bank Group is voluminous. The materials issued by the Bank that were consulted include the summary proceedings of the annual meetings of the Boards of Governors, especially International Bank for Reconstruction and Development, International Finance Corporation, International Development Association, Summary Proceedings, 1966 Annual Meetings of the Boards of Governors (Washington, 1966)Google Scholar; also International Bank for Reconstruction and Development, The World Bank.—Policies and Operations (Washington, 1956)Google Scholar and International Bank for Reconstruction and Development, The World Bank., IFC and IDA: Policies and Operations (Washington, 1962)Google Scholar; issues of Finance and Development, a review published quarterly by the IMF and IBRD; a series of pamphlets on operations in various geographical areas, for example, International Bank for Reconstruction and Development, The World Bank Group in Malaysia (Washington, 1967)Google Scholar; and the press releases of die three institutions. In preparing this essay the writer also had the benefit of interviews with a number of officials of the Bank and of other organizations having relations with the Bank.
2 On July 8, 1966, Portugal became a member of IFC, bringing the total to 82.
3 One appointed member is selected by each of the following: the United States, the United Kingdom, the Federal Republic of Germany (West Germany), France, and India. Of the elected representatives only one is responsible to a single member, the Republic of China (Nationalist China).
4 Calculated from Development Assistance Efforts and Policies: 1966 Review (Paris: Organization for Economic Cooperation and Development, 09 1966), p. 36Google Scholar.
5 Article I of Recommendation A.IV.18 (supplementary financial measures) of Proceedings of the United Nations Conference on Trade and Development, Geneva, 23 March–16 July 1964, Vol. I: Final Act and Report (United Nations Publication Sales No: 64.II.B.11 [UN Document E/CONF.46/141, Vol. I]) (United Nations, 1964), p. 52Google Scholar.
6 Supplementary Financial Measures: A Study Requested by the United Nations Conference on Trade and Development, 1964 (Washington: International Bank for Reconstruction and Development, 12 1965)Google Scholar. Figures on estimated funds needed are on p. 13.
7 Except as otherwise indicated statistics in this section are from the IBRD-IDA 1965–1966 Annual Report.
8 IFC, Annual Report 1965–1966, p. 11Google Scholar.
9 Jones, Norman G., “Disbursing World Bank Loans,” Finance and Development, 03 1967 (Vol. 4, No. 1), pp. 51–55Google Scholar.
10 Friedmann, Wolfgang G., Kalmanoff, George, and Meagher, Robert F., International Financial Aid (New York: Columbia University Press, 1966), p. 411Google Scholar.
11 Ibid. p. 412.
12 Grenier, David, “IFC: An Expanded Role for Venture Capital,” Finance and Development, 06 1967 (Vol. 4, No. 2), p. 139Google Scholar.
13 Address by George D. Woods to the Economic and Social Council of the United Nations, March 26, 1965. (Reprint issued by IBRD.)
14 Statistics in this section are taken from the IBRD-IDA 1965–1966 Annual Report.
15 This section is based primarily on Grenier, pp. 133–142, and IFC, Annual Report 1965–1966.
16 The Horowitz Proposal: A Staff Report (Washington: International Bank for Reconstruction and Development, 02 1965)Google Scholar.
17 IBRD-IDA, 1965–1966 Annual Report, p. 33Google Scholar.
18 At the Rio de Janeiro annual meeting of the IMF, September 26, 1967, United States Secretary of the Treasury Henry H. Fowler said,
As of last March, I was authorized by President Johnson to support the IDA replenishment at a substantially increased level, provided that account should be taken of the balance of payments problems of deficit donor countries in deciding how IDA's new resources would be made available.
While this can be interpreted to imply relating expenditures in some way to contributions, or vice versa, it should be noted that the Secretary went on to say,
Nothing in die United States plan would require IDA to make any changes in its present policies widi respect to the allocation of its resources to countries and projects, or with respect to international competition in procurement, and no such changes are contemplated in this proposal.
19 IBRD-IDA, 1965–1966 Annual Report, p. 19Google Scholar.
20 IDA Press Release No. 67/10, July 4, 1967.