World Bank Establishment Agreement
This agreement reflects the World Bank Group`s growing involvement in the Pacific, with similar agreements signed in other countries in the sub-region in recent years. The World Bank Group also has a South Pacific hub in Suva, as well as offices in Funafuti, Nuku`alofa, Apia, Honiara, Port Moresby, Port Vila, and Tarawa with a Planned North Pacific office in the Federated States of Micronesia. The ICSID Convention was established by a multilateral agreement and entered into force on October 14, 1966. Each member may only do business with the bank through its treasury, central bank, stabilization fund or other similar tax authority, and the bank will only negotiate with its members through or through the same agencies. « This agreement allows us to deepen our partnership and support to Tonga to recover from the effects of COVID-19 and build long-term resilience to climate and health emergencies. » a) An advisory board of at least seven people will be established, selected by the Governing Council, including representatives of the banking sector, commercial, industrial, trade union and agricultural interests, and which is represented with the widest possible level of national representation. In areas where there are specialized international organizations, the members of the Council representative of those fields shall be chosen in agreement with those organizations. The Board advises the Bank on policy issues. The Board shall meet annually and on such other occasions as the Bank may request. Each of the World Bank Group organizations operates according to the procedures set out in its Articles of Association or equivalent government document. These documents describe the conditions of membership and the general principles of organization, management and operation. (i) Where the member in whose territory the project is located is not itself the borrower, the member or the central bank or a comparable body of the member acceptable to the Bank, it guarantees in full the repayment of the principal and the payment of interest and other charges on the loan.
(ii) The Bank is satisfied that, under prevailing market conditions, the Borrower would not be able to obtain the Loan otherwise on such terms as it deems appropriate for the Borrower. (iii) a committee responsible referred to in Article V, Section 7, after careful consideration of the merits of the proposal, has submitted a written report recommending the draft; (iv) The Bank considers that the interest rate and other costs are reasonable and correspond to the project, the costs and the schedule for repayment of the principal; (v) when granting or guaranteeing a loan, the Bank shall take due account of the prospects that the borrower and, if the borrower is not a member, the guarantor will be able to meet its obligations under the loan; and the Bank shall act prudently both in the interest of the member in whose territory the project is located and in the interest of all members. (vi) By guaranteeing a loan from other investors, the bank receives adequate compensation for its risk. (vii) Loans granted or guaranteed by the Bank shall, except in special circumstances, be used for certain reconstruction or development projects. (a) Each Member shall designate its central bank as the depositary of all the Bank`s assets in its currency or, if it does not have a central bank, designate the other institution acceptable to the Bank; (b) All loan agreements shall indicate the currency(ies) in which payments are to be made to the Bank under the contract. However, at the choice of the borrowers, such payments may be made in gold or, subject to the consent of the bank, in the currency of a member not provided for in the contract. Ibrd employee training, with World Bank President Eugene Black, undated employees quickly formed a close-knit community, and when Eugene Black became president in 1949, a sense of family and belonging prevailed. Many employees, including their spouses and families, were new to the Washington DC area, and a network of mutual support developed. Employees created an internal newsletter in which they provided updates on the work, but also shared personal news such as vacation travel plans, wedding and birth announcements, as well as interests such as reading, cooking, sports, etc. There was a bowling league, picnics for families and special events during the holidays. The newsletter, International Bank Notes, is a window into the community spirit that employees have enjoyed, providing first-hand accounts of fieldwork around the world.
You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before we leave, we`d love to hear your feedback about your experience while you`re here. Do you take two minutes to complete a short survey that will help us improve our website? Thank you for participating in this survey! Your feedback is very helpful to us as we work to improve the functionality of the website on worldbank.org. The agreement was approved today by the Honourable Tevita Lavemaau, the Honourable Tevita Lavemaau, the World Bank`s Regional Vice President for East Asia and the Pacific, Victoria Kwakwa, and the IFC Vice President for Asia and the Pacific, Alfonso Garcia Mora. « The signing of this agreement comes at a critical time as the country faces significant impacts from the COVID-19 pandemic, and we look forward to deepening our engagement with Tonga and expanding the already strong partnership, » said Alfonso Garcia Mora, IFC Vice President for Asia and the Pacific. Thank you for agreeing to provide us with your comments on the new version of worldbank.org; Your response will help us improve our website. Over the past 70 years, the global economy has changed significantly. During this period, the World Bank Group – the world`s largest development institution – has worked to help more than 100 developing countries and countries with economies in transition adapt to these changes by providing loans and tailored knowledge and advice. The banking group works with state governments, the private sector, civil society organizations, regional development banks, think tanks and other international institutions on issues ranging from climate change, conflict and food security to education, agriculture, finance and trade. All of these efforts support the banking group`s two goals of ending extreme poverty by 2030 and increasing the shared prosperity of the poorest 40% of the population in all countries. (i) In the case of loans granted in accordance with section 1 (a)(i), loan agreements shall provide that payments to the Bank shall take the form of interest, other charges and repayments in the currency borrowed, unless the Member whose currency is borrowed agrees that such payments shall be made in one or more other specified currencies. Subject to Article II(9)(c), such payments shall be equal to the value of those contractual payments at the time the loan is granted in a currency determined by the Bank by a three-quarters majority of the total voting rights for that purpose.
As the demand for their services has increased over time, the banking group has risen up to meet it. For the outlook, the World Bank granted four loans totaling $497 million in 1947, up from 302 commitments totaling $60 billion in 2015. (b) In exceptional circumstances, where the national currency required for the purposes of the loan cannot be borrowed by the borrower on reasonable terms, the Bank may make available to the borrower a reasonable amount of that currency as part of the loan. .