The World Bank Group has two ambitious goals: ending extreme poverty and boosting shared prosperity. Learn more about World Bank data, research, news, and leadership. With 189 member countries, staff from more 170 countries, world bank articles of agreement pdf offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Each Board is responsible for the general operations of their respective organization. The Executive Directors as individuals cannot exercise any power nor commit or represent the Bank unless specifically authorized by the Board of Directors to do so.
Executive Directors are appointed or elected by the Governors. Separate elections are held for the Bank and MIGA Board of Directors. Bank Executive Directors serve ex-officio as Directors for IFC and IDA. Executive Directors select the World Bank President, who is the Chairman of the Board of Directors. The President is the presiding officer, and ordinarily has no vote except a deciding vote in case of an equally divided Board. Each Executive Director appoints an Alternate Executive Director who has full power to act for him or her when he or she is not present.
Before November 1, 1992, there were 22 Executive Directors, 17 of whom were elected. In 1992, in view of the large number of new members that had joined the Bank, the number of elected Executive Directors increased to 19. The two new seats, Russia and a new group around Switzerland, brought the total number of Executive Directors to 24. An additional chair for Sub-Saharan Africa was added effective November 1, 2010, bringing the size of the Board to 25 chairs. The voting power of each Member country is based on the number of shares it holds. The Corporate Secretariat is responsible for coordinating the process of membership as well as assisting members to complete their subscriptions to their allocated shares under periodic capital increases in IBRD, IDA, IFC, and MIGA.