World Bank
The World Bank is an international finance and development agency.
Contents
Composition
The World Bank is actually five institutions:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for Settlement of Investment Disputes (ICSID)
Each institution has its own governance structure, generally with member states having voting share equal to the funding they individually supply. Changes to the charters require 85% approval. The United States holds a plurality of the voting share (about 16%) and an effective veto. As a result, the bank is headquartered in D.C. and the president of the World Bank is always nominated by the U.S. president.
The vice president is nominated by the board of governors.
The managing director is the operational leader.