The World Bank Group - The international finance corporation (ifc)



Background

The International Finance Corporation is the member of the World Bank Group that promotes the growth of the private sector in less developed member countries. The IFC's principal activity is helping finance individual private enterprise projects that contribute to the economic development of the country or region where the project is located. The IFC is the World Bank Group's investment bank for developing countries. It lends directly to private companies and makes equity investments in them, without guarantees from governments, and attracts other sources of funds for private-sector projects. IFC also provides advisory services and technical assistance to governments and businesses.

Creation

Within a few years of the founding of the International Bank for Reconstruction and Development (IBRD), it became evident that sufficient provision had not been made for financing the development of the private sector in countries looking to the UN system for aid. The Bank's charter restrained it from making equity (capital stock) investments or from lending money, directly or indirectly, to a private company without a governmental guarantee. Yet "venture capital" was the very thing needed in many developing countries to get a variety of productive enterprises underway, and the amount of venture capital available through private banking and investment channels was inadequate.

The first public suggestion for an international institution to close this gap appeared in a report, "Partners and Progress," which Nelson Rockefeller (then chairman of the advisory board of the Point 4 Program) had submitted to President Harry S. Truman in 1951. The matter was taken up by the staff of the IBRD, and in 1952, the Bank submitted proposals for such an institution to the UN Economic and Social Council. Some members of the Council, including the UK and the US, voiced the fear that the proposed institution might deter the flow of private capital to the developing countries. They also objected in principle to an inter-governmental organization's having the right to purchase shares in private companies.

The majority of members of the Economic and Social Council, however, strongly endorsed the idea of an international financial institution to aid private sector development, and by late 1954, a compromise was worked out. The International Finance Corporation, as originally established, could lend money to private enterprises without government guarantees, but it was not empowered to make equity investments, though loans with certain equity features, such as stock options, were allowed. The 31 countries necessary to launch the IFC pledged their consent over the next 18 months, and the IFC formally came into existence on 14 July 1956 as a separate legal entity affiliated with the IBRD.

The IFC's early investments often included such features as stock options and other profit-sharing devices in lieu of direct equity financing, but the terms were complex and difficult to negotiate, and it soon became apparent to all concerned that IFC's effectiveness was severely circumscribed by the restriction on equity investment. Proposals to amend the charter so as to permit the IFC to hold shares were put to the Board of Directors and the Board of Governors and approved in 1961—with the support, this time, of both the UK and the US. The revision of IFC's charter in 1961 to permit investment in equities made it possible to broaden and diversify operations, as well as to simplify the terms of investment. With the demand for IFC's services steadily expanding, the Board of Directors amended the charter again in 1965 to permit the IFC to borrow from the IBRD up to four times its unimpaired subscribed capital and surplus.

Purposes

IFC's purpose is to foster economic growth by promoting private sector investment in its developing member countries. It accomplishes this by providing venture capital for productive private enterprises in association with local investors and management, by encouraging the development of local capital markets, and by stimulating the flow of private capital. The Corporation is designed to supplement, rather than replace, private capital. It plays an important catalytic role in mobilizing additional project funding from other investors and lenders, either in the form of cofinancing or through loan syndications, the underwriting of debt and equity securities issues, and guarantees. In addition to project finance and resource mobilization, IFC offers a full array of advisory services and technical assistance in such areas as capital market development, corporate restructuring, risk management, and project preparation and evaluation, and advises governments on creating an environment that encourages the growth of private enterprise and foreign investment.

Membership

Membership in the IFC is open to all members of IBRD. As of late 2002, IFC had 175 member states.

Structure

The structure of IFC is similar to that of the IBRD. IFC's Board of Governors consists of those governors of the Bank (IBRD) whose countries are also members of IFC. Its Board of Directors is composed of all the Executive Directors of the Bank. The annual meeting of the IFC Board of Governors is held in conjunction with the annual meeting of the Board of Governors of the IBRD. IFC headquarters are at 2121 Pennsylvania Ave. N.W., Washington, D.C., 20433.

The first president of the IFC was Robert L. Garner, formerly vice-president of the IBRD. Since 1961, the president of the Bank also has been the president of the Corporation. The immediate direction of the Corporation is the responsibility of the executive vice-president, Peter Woicke, whose term became effective 1 January 1999. IFC has more than 2000 staff, 70% of whom work in Washington, and 30% of whom are stationed in over 80 IFC field offices.

Activities

A. Financial Resources

IFC's investments are funded out of its net worth—the total of paid-in capital and retained earnings. Of the funding required for its lending operations, 80% is borrowed in the international financial markets through public bond issues or private placements; the remaining 20% is borrowed from the IBRD.

Earnings and Borrowings . IFC's net income for fiscal year 2002 was US $215 million; paid-in capital was US $2,360 million; retained earnings were US $3,938 million; and borrowings amounted to US $16,581 million. IFC may borrow from the IBRD for use in its lending operations as long as the Corporation's total borrowings do not exceed four times its unimpaired subscribed capital and surplus.

Disbursements. In 2002 IFC approved 204 new projects; total financing approved, including syndications and underwriting was US $5.8 billion. The total project costs of commitments was US $15.5 billion. Since its founding in 1956 and through 2002, IFC committed more than US $34 billion of its own funds and arranged US $21 billion in syndications and underwriting for 2,825 companies in 140 developing countries.

B. Investment Policies

Unlike the IBRD, IFC lends to private companies and does not accept guarantees from host-country governments. It also makes equity investments in developing-country businesses, and mobilizes additional loan and equity financing in the international financial markets. Because of the success of IFC's operations, its bond issues in the international markets have earned triple-A ratings from Moody's and Standard and Poor's.

IFC is the single largest source of direct financing for private sector projects in developing countries. Although IFC invests and lends on market terms, it does not compete with private capital. It finances projects unable to obtain sufficient funding on reasonable terms from other sources. Normally, IFC does not finance more than 25% of total project costs, so as to ensure that most of the project financing comes from private investors and lenders. And while IFC may buy up to 35% of the stock of a company, it is never the largest shareholder and does not take part in a firm's management. But since IFC does not accept government guarantees, it shares all project risks with its partners.

IFC finances the creation of new companies as well as the expansion or modernization of established companies in sectors ranging from agribusiness to manufacturing to energy to mining. A number of IFC projects involve building up the financial sectors of developing countries, for example by financing the creation of institutions such as investment banks and insurance companies.

IFC can provide loans, equity investments, and arrange quasi-equity instruments—in whatever combination is necessary to ensure that a project is soundly funded from the outset. The Corporation can provide additional financial support through contingent financing or full or partial guarantees of other sources of financing. In the past few years, IFC has made derivative products, such as currency and interest rate swaps, available to companies in developing countries. It has intermediated several such swaps for companies in Bolivia, Egypt, Ghana, and Mexico, helping them gain access to risk-management techniques commonly used by companies in industrialized countries but not normally available to companies in the developing world.

C. IFC Investments

The IFC's history has been marked by growth in the number and size of investments and by a continued search for new ways to assist its member countries. An improved policy environment in many of IFC's developing member countries has helped the Corporation to make a larger contribution to economic development. Helping companies in developing countries achieve a proper balance between debt and equity financing is a key IFC objective.

In addition to approving debt and equity financing for its own account, in 2002 the Corporation approved the mobilization of US$ 3.61 billion in financing from other investors and lenders through loan syndications and the underwriting of securities issues. It also mobilized considerable cofinancing. Thus, for every US$ 1 of financing approved by IFC for its own account, other investors and lenders will provide US$ 4.75.

The efficient provision of services in such sectors as power, water, transportation, and communications is critical to successful private sector development. A growing number of IFC's member countries are opening these sectors, once the preserve of the state, to private investment and management.

The countries of Eastern and Central Europe and the former Soviet republics are a new focus of IFC's work. IFC's role includes financing private-sector projects and advising governments on creating a modern financial sector, selling off state-owned enterprises, and attracting foreign investment.

IFC advised governments officials in Russia and Ukraine on different techniques for privatizing state enterprises, and developed privatization programs that can be used as models by local authorities in both republics. It helped design and implement the auction of small enterprises in three regions in Russia—Nizhny Novgorod, Volgograd, and Tomsk—and in the city of L'viv, Ukraine, and produced a manual on the privatization of small enterprises.

In many developing countries small-scale entrepreneurs with promising ideas are often unable to get the financing or advice they need to start or expand businesses. IFC has set up project development facilities in Sub-Saharan Africa, Central America and the Caribbean, the South Pacific Islands, and Poland to help entrepreneurs prepare project proposals. Although these facilities do not themselves fund projects, they help entrepreneurs find loans and equity financing on reasonable terms. The Africa Enterprise Fund, established in 1989, is a special program devoted to financing small and medium-sized businesses in Sub-Saharan Africa.

Advisory Services and Technical Assistance. In the course of conducting project appraisals, IFC may provide considerable technical assistance to companies—for example, by helping them select a technical partner or a technology, identify markets for their products, and put together the most appropriate financial package. The Corporation also advises companies on financial restructuring, helping them reduce their debt.

IFC advises member governments on an array of issues, such as capital markets development. It helps governments create and put in place the regulatory, legal, and fiscal frameworks necessary for financial institutions to operate efficiently. IFC also provides advice on privatization and on restructuring state enterprises slated for privatization. The Foreign Investment Advisory Service, established by IFC and operated jointly with the Multilateral Investment Guarantee Agency and IBRD, advises governments on attracting direct foreign investment.

IBRD Subscriptions and Voting Power
(as of 23 July 2002)

The World Bank Group

VOTING POWER
MEMBER SUBSCRIPTIONS 1 NUMBER OF VOTES % OF TOTAL
1 Millions of 1944 US Dollars.
Afghanistan 30 550 0.03
Albania 83 1,080 0.07
Algeria 925.2 9,502 0.59
Angola 267.6 2,926 0.18
Antigua and Barbuda 52 770 0.05
Argentina 1,791.1 18,161 1.12
Armenia 113.9 1,389 0.09
Australia 2,446.4 24,714 1.53
Austria 1,106.3 11,313 0.70
Azerbaijan 164.6 1,896 0.12
Bahamas 107.1 1,321 0.08
Bahrain 110.3 1,353 0.08
Bangladesh 485.4 5,104 0.32
Barbados 94.8 1,198 0.07
Belarus 332.3 3,573 0.22
Belgium 2,898.3 29,233 1.81
Belize 58.6 836 0.05
Benin 86.8 1,118 0.07
Bhutan 47.9 729 0.05
Bolivia 178.5 2,035 0.13
Bosnia and Herzegovina 54.9 799 0.05
Botswana 61.5 865 0.05
Brazil 3,328.7 33,537 2.07
Brunei Darussalam 237.3 2,623 0.16
Bulgaria 521.5 5,465 0.34
Burkina Faso 86.8 1,118 0.07
Burundi 71.6 966 0.06
Cambodia 21.4 464 0.03
Cameroon 152.7 1,777 0.11
Canada 4,479.5 45,045 2.79
Cape Verde 50.8 758 0.05
Central African Republic 86.2 1,112 0.07
Chad 86.2 1,112 0.07
Chile 693.1 7,181 0.44
China 4,479.9 45.049 2.79
Colombia 635.2 6,602 0.41
Congo 92.7 1,177 0.07
Congo, Democratic Republic of 264.3 2,893 0.18
Costa Rica 23.3 483 0.03
Côte d'Ivoire 251.6 2,766 0.17
Croatia 229.3 2,543 0.16
Cyprus 146.1 1,711 0.11
Czech Republic 630.8 6,558 0.41
Denmark 1,345.1 13,701 0.85
Djibouti 55.9 809 0.05
Dominica 50.4 754 0.05
Dominican Republic 209.2 2,342 0.14
East Timor 51.7 767 0.05
Ecuador 277.1 3,021 0.19
Egypt 710.8 7,358 0.45
El Salvador 14.1 391 0.02
Equatorial Guinea 71.5 965 0.06
Eritrea 59.3 843 0.05
Estonia 92.3 1,173 0.07
Ethiopia 97.8 1,228 0.08
Fiji 98.7 1,237 0.08
Finland 856.0 8,810 0.54
France 6,939.7 69,647 4.31
Gabon 98.7 1,237 0.08
Gambia 54.3 793 0.05
Georgia 158.4 1,834 0.11
Germany 7,239.9 72,649 4.49
Ghana 152.5 1,775 0.11
Greece 168.4 1,934 0.12
Grenada 53.1 781 0.05
Guatemala 200.1 2,251 0.14

The World Bank Group

VOTING POWER
1 Millions of 1944 US Dollars.
MEMBER SUBSCRIPTIONS 1 NUMBER OF VOTES % OF TOTAL
Guinea 129.2 1,542 0.10
Guinea-Bissau 54.0 790 0.05
Guyana 105.8 1,308 0.08
Haiti 106.7 1,317 0.08
Honduras 64.1 891 0.06
Hungary 805.0 8,300 0.51
Iceland 125.8 1,508 0.09
India 4,479.5 45,045 2.79
Indonesia 1,498.1 15,231 0.94
Iran, Islamic Republic of 2,368.6 23,936 1.48
Iraq 280.8 3,058 0.19
Ireland 527.1 5,521 0.34
Israel 475.0 5,000 0.31
Italy 4,479.5 45,045 2.79
Jamaica 257.8 2,828 0.17
Japan 12,700.0 127,250 7.87
Jordan 138.8 1,638 0.10
Kazakhstan 298.5 3,235 0.20
Kenya 246.1 2,711 0.17
Kiribati 46.5 715 0.04
Korea, Republic of 1,581.7 16,067 0.99
Kuwait 1,328.0 13,530 0.84
Kyrgyz Republic 110.7 1,357 0.08
Lao People's Democratic Republic 17.8 428 0.03
Latvia 138.4 1,634 0.10
Lebanon 34.0 590 0.04
Lesotho 66.3 913 0.06
Liberia 46.3 713 0.04
Libyan Arab Jamahiriya 784.0 8,090 0.50
Lithuania 150.7 1,757 0.11
Luxembourg 165.2 1,902 0.12
Macedonia, Former Yugoslav Rep. of 42.7 677 0.04
Madagascar 142.2 1,672 0.10
Malawi 109.4 1,344 0.08
Malaysia 824.4 8,494 0.53
Maldives 46.9 719 0.04
Mali 116.2 1,412 0.09
Malta 107.4 1,324 0.08
Marshall Islands 46.9 719 0.04
Mauritania 90.0 1,150 0.07
Mauritius 124.2 1,492 0.09
Mexico 1,880.4 19,054 1.18
Micronesia 47.9 729 0.05
Moldova 136.8 1,618 0.10
Mongolia 46.6 716 0.04
Morocco 497.3 5,223 0.32
Mozambique 93.0 1,180 0.07
Myanmar 248.4 2,734 0.17
Namibia 152.3 1,773 0.11
Nepal 96.8 1,218 0.08
Netherlands 3,550.3 35,753 2.21
New Zealand 723.6 7,486 0.46
Nicaragua 60.8 858 0.05
Niger 85.2 1,102 0.07
Nigeria 1,265.5 12,905 0.80
Norway 998.2 10,232 0.63
Oman 156.1 1,811 0.11
Pakistan 933.9 9,589 0.59
Palau 1.6 266 0.02
Panama 38.5 635 0.04
Papua New Guinea 129.4 1,544 0.10
Paraguay 122.9 1,479 0.09
Peru 533.1 5,581 0.35
Philippines 684.4 7,094 0.44
Poland 1,090.8 11,158 0.69
Portugal 546.0 5,710 0.35

The World Bank Group

VOTING POWER
MEMBER SUBSCRIPTIONS 1 NUMBER OF VOTES % OF TOTAL
1 Millions of 1944 US Dollars.
Qatar 109.6 1,346 0.08
Romania 401.1 4,261 0.26
Russian Federation 4,479.5 45,045 2.79
Rwanda 104.6 1,296 0.08
St. Kitts And Nevis 27.5 525 0.03
St. Lucia 55.2 802 0.05
St. Vincent and the Grenadines 27.8 528 0.03
Samoa 53.1 781 0.05
San Marino 59.5 845 0.05
São Tomé and Príncipe 49.5 745 0.05
Saudi Arabia 4,479.5 45,045 2.79
Senegal 207.2 2,322 0.14
Seychelles 26.3 513 0.03
Sierra Leone 71.8 968 0.06
Singapore 32.0 570 0.04
Slovak Republic 321.6 3,466 0.21
Slovenia 126.1 1,511 0.09
Solomon Islands 51.3 763 0.05
Somalia 55.2 802 0.05
South Africa 1,346.2 13,712 0.85
Spain 2,799.7 28,247 1.75
Sri Lanka 381.7 4,067 0.25
Sudan 85.0 1,100 0.07
Swaziland 58 235 0.18

The World Bank Group

VOTING POWER
MEMBER SUBSCRIPTIONS 1 NUMBER OF VOTES % OF TOTAL
1 Millions of 1944 US Dollars.
Sweden 1,049 1,226 0.91
Switzerland 1,500 1,677 1.25
Tanzania 141 318 0.24
Togo 77 254 0.19
Trinidad And Tobago 203 380 0.28
Tunisia 156 333 0.25
Turkey 462 639 0.48
Turkmenistan 66 243 0.18
Uganda 132 309 0.23
Ukraine 764 941 0.70
United Arab Emirates 372 549 0.41
United Kingdom 4,860 5,037 3.76
United States 20,519 20,696 15.44
Uruguay 202 379 0.28
Uzbekistan 175 352 0.26
Vanuatu 50 227 0.17
Venezuela 1,427 1,604 1.20
Vietnam 220 397 0.30
Yemen 155 332 0.25
Zambia 318 495 0.37
Zimbabwe 236 413 0.31
——— ——— ———
TOTAL 107,280 134,007 100%

Member countries of IBRD, IFC, IDA, MIGA and ICSID
(as of 23 July 2002)

The World Bank Group

IBRD IDA IFC MIGA ICSIDI
Afghanistan X X X X
Albania X X X X X
Algeria X X X X X
Angola X X X X
Antigua and Barbuda X X
Argentina X X X X X
Armenia X X X X X
Australia X X X X X
Austria X X X X X
Azerbaijan X X X X X
Bahamas X X X X
Bahrain X X X X
Bangladesh X X X X X
Barbados X X X X X
Belarus X X X X
Belgium X X X X X
Belize X X X X
Benin X X X X X
Bhutan X X
Bolivia X X X X X
Bosnia-Herzegovina X X X X
Botswana X X X X X
Brazil X X X X
Brunei Darassalam X
Bulgaria X X X X
Burkina Faso X X X X X
Burundi X X X X X
Cambodia X X X X
Cameroon X X X X X
Canada X X X X
Cape Verde X X X X
Central African Republic X X X X X
Chad X X X X X
Chile X X X X X

The World Bank Group

IBRD IDA IFC MIGA ICSID
China X X X X X
Colombia X X X X X
Comoros X X X X
Congo X X X X X
Congo, Dem. Rep. of the X X X X X
Costa Rica X X X X X
Côte d'Ivoire X X X X X
Croatia X X X X X
Cyprus X X X X X
Czech Republic X X X X X
Denmark X X X X X
Djibouti X X X
Dominica X X X X
Dominican Republic X X X X
East Timor X X X
Ecuador X X X X X
Egypt X X X X X
El Salvador X X X X X
Equatorial Guinea X X X X
Eritrea X X X X
Estonia X X X X
Ethiopia X X X X
Fiji X X X X X
Finland X X X X X
France X X X X X
Gabon X X X X
Gambia X X X X X
Georgia X X X X X
Germany X X X X X
Ghana X X X X X
Greece X X X X X
Grenada X X X X X
Guatemala X X X X
Guinea X X X X X

The World Bank Group

IBRD IDA IFC MIGA ICSID
Guinea-Bissau X X X
Guyana X X X X X
Haiti X X X X
Honduras X X X X X
Hungary X X X X X
Iceland X X X X X
India X X X X
Indonesia X X X X X
Iran, Islamic Republic of X X X
Iraq X X X
Ireland X X X X X
Israel X X X X X
Italy X X X X X
Jamaica X X X X
Japan X X X X X
Jordan X X X X X
Kazakhstan X X X X X
Kenya X X X X X
Kiribati X X X
Korea, Republic of X X X X X
Kuwait X X X X X
Kyrgyzstan X X X X
Lao People's Dem. Rep. X X X X
Latvia X X X X X
Lebanon X X X X
Lesotho X X X X X
Liberia X X X X
Libyan Arab Jamahiriya X X X X
Lithuania X X X X
Luxembourg X X X X X
Macedonia, Former Yugoslav Rep. of X X X X X
Madagascar X X X X X
Malawi X X X X X
Malaysia X X X X X
Maldives X X X
Mali X X X X X
Malta X X
Marshall Islands X X X
Mauritania X X X X X
Mauritius X X X X X
Mexico X X X
Micronesia X X X X X
Moldova X X X X
Mongolia X X X X X
Morocco X X X X X
Mozambique X X X X X
Myanmar X X X
Namibia X X X
Nepal X X X X X
Netherlands X X X X X
New Zealand X X X X
Nicaragua X X X X X
Niger X X X X
Nigeria X X X X X
Norway X X X X X
Oman X X X X X
Pakistan X X X X X
Palau X X X X
Panama X X X X X

The World Bank Group

IBRD IDA IFC MIGA ICSID
Papua New Guinea X X X X X
Paraguay X X X X X
Peru X X X X X
Philippines X X X X X
Poland X X X X
Portugal X X X X X
Qatar X X
Romania X X X X
Russian Federation X X X X
Rwanda X X X X
St. Kitts and Nevis X X X X X
St. Lucia X X X X X
St. Vincent and the Grenadines X X X
Samoa X X X X X
San Marino X
São Tomé and Príncipe X X
Saudi Arabia X X X X X
Senegal X X X X X
Seychelles X X X X
Sierra Leone X X X X X
Singapore X X X X
Slovakia X X X X X
Slovenia X X X X X
Solomon Islands X X X X
Somalia X X X X
South Africa X X X X
Spain X X X X X
Sri Lanka X X X X X
Sudan X X X X X
Suriname X
Swaziland X X X X X
Sweden X X X X X
Switzerland X X X X X
Syria X X X X
Tajikistan X X X
Thailand X X X X
Togo X X X X X
Tonga X X X X
Trinidad and Tobago X X X X X
Tunisia X X X X X
Turkey X X X X X
Turkmenistan X X X X
Uganda X X X X X
Ukraine X X X X
United Arab Emirates X X X X X
United Kingdom X X X X X
United Republic of Tanzania X X X X X
United States X X X X X
Uruguay X X X X
Uzbekistan X X X X X
Vanuatu X X X X
Venezuela X X X X
Vietnam X X X X
Yemen X X X X
Yugoslavia X X X X
Zambia X X X X X
Zimbabwe X X X X X

Executive Directors of the IBRD, IFC, and IDA, and IFC Voting Power
(on 1 February 2003)

The World Bank Group

DIRECTOR CASTING
VOTES OF
TOTAL
VOTES
% OF
TOTAL
NOTE: Somalia (802 votes) did not participate in the 2002 regular elections of executive directors.
APPOINTED
Carole Brookins United States 265,219 16.41
Yuzo Harada Japan 127,250 7.87
Eckhard Deutscher Germany 72,649 4.49
Pierre Duquesne France 69,647 4.31
Tom Scholar United Kingdom 69,647 4.31
ELECTED
Kurt Bayer (Austria) 77,669 4.80
Austria
Belarus
Belgium
Czech Republic
Hungary
Kazakhstan
Luxembourg
Slovak Republic
Slovenia
Turkey
Per Kurowski (Venezuela) 72,786 4.50
Costa Rica
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Spain
Venezuela +
Ad Melkert (Netherlands) 72,208 4.47
Armenia
Bosnia And Herzegovina
Bulgaria
Croatia
Cyprus
Georgia
Israel
Macedonia, Former Yugoslav Rep. of
Moldova
Netherlands
Romania
Ukraine
Marcel Masse (Canada) 62,217 3.85
Antigua and Barbuda
Bahamas
Barbados
Belize
Canada
Dominica
Grenada
Guyana
Ireland
Jamaica
St. Kitts And Nevis
St. Lucia
St. Vincent and the Grenadines
Amaury Bier (Brazil) 58,124 3.60
Brazil
Colombia
Dominican Republic
Ecuador
Haiti
Panama
Philippines
Suriname
Trinidad And Tobago

The World Bank Group

DIRECTOR CASTING
VOTES OF
TOTAL
VOTES
% OF
TOTAL
NOTE: Somalia (802 votes) did not participate in the 2002 regular elections of executive directors.
Franco Passacantando (Italy) 56,705 3.51
Albania
East Timor
Greece
Italy
Malta
Portugal
San Marino
Neil Hyden (Australia) 55,800 3.45
Australia
Cambodia
Kiribati
Korea, Republic of
Marshall Islands
Micronesia, Fed. States of
Mongolia
New Zealand
Palau
Papua New Guinea
Samoa
Solomon Islands
Vanuatu
Louis K. Kasekende (Uganda) 55,190 3.41
Angola
Botswana
Burundi
Eritrea
Ethiopia
Gambia, The
Kenya
Lesotho
Liberia
Malawi
Mozambique
Namibia
Nigeria
Seychelles
Sierra Leone
South Africa
Sudan
Swaziland
Tanzania
Uganda
Zambia
Zimbabwe
Chander Mohan Vasudev (India) 54,945 3.40
Bangladesh
Bhutan
India
Sri Lanka
Tanwir Ali Agha (Pakistan) 54,602 3.38
Afghanistan
Algeria
Ghana
Iran, Islamic Republic of
Iraq
Morocco
Pakistan
Tunisia

Executive Directors of the IBRD, IFC, and IDA, and IFC Voting Power
(on 1 November 2002)

The World Bank Group

DIRECTOR CASTING
VOTES OF
TOTAL
VOTES
% OF
TOTAL
NOTE: Somalia (802 votes) did not participate in the 2002 regular elections of executive directors.
Finn Jønck (Denmark) 54,039 3.34
Denmark
Estonia
Finland
Iceland
Latvia
Lithuania
Norway
Sweden
Pietro Veglio (Switzerland) 47,943 2.97
Azerbaijan
Kyrgyz Republic
Poland
Switzerland
Tajikistan
Turkmenistan
Uzbekistan
Yugoslavia, Federal Republic of
Zhu Guangyao (China) 45,049 2.79
China
Yahya Alyahya (Saudi Arabia) 45,045 2.79
Saudi Arabia
Alexey G. Kvasov (Russian Fed.) 45,045 2.79
Russian Federation
Mahdy Ismail Aljazzaf (Kuwait) 43,984 2.72
Bahrain
Egypt
Jordan
Kuwait
Lebanon
Libyan Arab Jamahiriya
Maldives
Oman
Qatar
Syrian Arab Republic
United Arab Emirates
Yemen

The World Bank Group

DIRECTOR CASTING
VOTES OF
TOTAL
VOTES
% OF
TOTAL
NOTE: Somalia (802 votes) did not participate in the 2002 regular elections of executive directors.
Rapee Asumpinpong (Thailand) 41,096 2.54
Brunei Darussalam
Fiji
Indonesia
Lao People's Dem. Rep.
Malaysia
Myanmar
Nepal
Singapore
Thailand
Tonga
Vietnam
Alieto Guadagni (Argentina) 64,144 2.67
Argentina
Bolivia
Chile
Paraguay
Peru
Uruguay
Paulo F. Gomes (Guinea-Bissau) 32,252 2.00
Benin
Burkina Faso
Cameroon
Cape Verde
Central African Republic
Chad
Comoros
Congo
Congo, Dem. Rep. of
Côte d'Ivoirwe
Djibouti
Equatorial Guinea
Gabon
Guinea
Guinea-Bissau
Madagascar
Mali
Mauritania
Mauritius
Niger
Rwanda
São Tomé and Príncipe
Senegal
Togo


User Contributions:

Gugu nsingwane
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Jun 19, 2012 @ 4:16 pm
I am a young woman from Swaziland looking for a loan to start a farming business so i wanted to know if i can be assisted

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