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The Chief Economist


WBG – WORLD BANK GROUP


ISRAEL AND THE WORLD BANK

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Units:
The Chief Economist
Topic:
International Affairs
Secondary topic:
Multilateral Development Banks
Publish Date:
18.08.2021

The World Bank is an international organization made up of 188 countries. The
organization was founded in July 1944 at the end of WWII during the Burton-Woods
Conference, attended by representatives from 44 countries. The Bank was founded
to help rebuild Europe after World War II and is currently aimed at combating
poverty by investing and lending money to development projects that cannot or
have difficulty obtaining financing in the private market. The bank is managed
by a board of directors consisting of 25 directors representing countries or
groups of countries. The voting power of directors depends on the number of
shares they purchased (i.e. the contribution of the countries they represent to
the Bank).

The President of the World Bank traditionally comes from the country with the
most shares in the Bank (USA) and is elected for a five-year term. The President
presides over board meetings and is responsible for overall management of the
Bank.

The current president is Mr. Jim Yong Kim, who was elected for a second
consecutive five-year term on 1/7/2017. The Bank employs more than 12,000
employees from 160 countries, in Bank offices in 130 different countries. The
Bank has been strictly maintaining its “AAA” credit rating since 1959.

 * WBG Homepage


STRUCTURE

The Bank consists of five different bodies, each with different roles and tools,
but all of them are committed to the overall purpose of the organization.

 1. IBRD (International Bank for Reconstruction and Development)
    The fist branch of the Bank, founded in 1945. IBRD provides loans and
    financial aid to countries defined as ‘middle income’ countries with
    reasonable debt repayment prospects. Loans are granted to governments to
    carry out development projects and assist in the promotion of important
    reforms in the country. The high rating allows for relatively low-cost
    capital raising and lending under favorable conditions to countries. Income
    from the organization derives from the interest on capital and is sufficient
    to finance the annual loans that the organization provides and contribute to
    the corresponding bodies in the bank.
 2. IDA (International Development Association)
    Founded in 1960 to help the World Bank's poorest countries. The organization
    works to reduce poverty through low-interest (or zero-interest) loans and
    10-year grace periods and grants to programs that contribute to economic
    growth, reduce inequality and help improve citizens' living conditions. The
    organization, in fact, completes the IBRD and under a joint headquarters
    they distribute aid to poor and middle-income countries. The organization is
    one of the world's largest sources of aid and provides assistance to the 77
    poorest countries (39 of them in Africa).
 3. IFC (International Finance Corporation)
    Founded in 1956 to assist business organizations operating in developing
    countries, promote poverty reduction programs, create jobs, infrastructure,
    environment, etc. The organization provides consulting, asset management and
    even makes for-profit investments in projects that meet its agenda. The IFC
    portfolio was $ 19.3 billion in 2017, $ 54 million of the portfolio is
    invested in projects in collaboration with Israeli companies.
 4. MIGA (Multilateral Investment Guarantee Agency)
    Founded in 1988, they aim to promote foreign investment in developing
    countries. In order to meet this goal, the organization provides guarantees
    which are political risk insurance. Thus, the organization reduces the risk
    to investors and that can concentrate on business viability.
 5. ICISD (International Center for Settlement of Investment Disputes)
    Founded in 1966, they aim to resolve international investment disputes. In
    fact, the organization acts as an arbitrator and establishes a dedicated
    team for each case. In addition, the organization publishes on international
    law and conducts conferences on dispute resolution. The Israeli company
    Ampal used the organization's services to sue the Egyptian government over
    the grounds of repeated explosions of the gas pipeline from Egypt to Israel
    after Mubarak's fall. Israel joined the organization in 1980.


ISRAEL AND WBG

Israel has been a member of the World Bank since 1954 and holds 6,675 shares,
which constitute 0.30% of the shares in the Bank (as of August 20, 2015).
Between 1975 and 1979, Israel was eligible for loans from the Bank. The state's
economic development has meant that since 1979 it is no longer eligible for
loans from the World Bank, but the membership in the Bank allows Israeli
companies to participate in tenders funded by the bank's money.

Israel is represented on the Board of Governors by the Minister of Finance and
Deputy Governor of the Bank of Israel. Israel is a member of the “Dutch Group”
which includes Ukraine, Armenia, Bulgaria, Bosnia and Herzegovina, Georgia, the
Netherlands, Moldova, Montenegro, Macedonia, Cyprus, Croatia and Romania. Israel
is represented on the Bank’s Executive Board by the Dutch Director. The
representative of the State of Israel at the World Bank is Mr. Yovav Gavish, who
serves as an advisor to the Bank's executive board members.

Email ygavish@worldbank.org

 * WBG Israel page
 * IFC Israel page



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