Headquarters

1818 H Street, NW Washington, DC 20433 USA (202) 473-1000

wolrd bank
Collectively, the World Bank Group is*: The worlds largest funder of education The worlds largest external funder of the fight against HIV/AIDS A leader in the fight against corruption worldwide A strong supporter of debt relief The largest international financier of biodiversity projects The largest international financier of water supply and sanitation projects

what we do:

The World Bank Group has set two goals for the world to achieve by 2030:

End extreme poverty by decreasing the percentage of people living on less than $1.25 a day to no more than 3% Promote shared prosperity by fostering the income growth of the bottom 40% for every country The World Bank is a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. The World Bank Group comprises five institutions managed by their member countries. Established in 1944, the World Bank Group is headquartered in Washington, D.C. We have more than 10,000 employees in more than 120 offices worldwide. Financial Products and Services We provide low-interest loans, interest-free credits, and grants to developing countries. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource

management. Some of our projects are cofinanced with governments, other multilateral institutions, commercial banks, export credit agencies, and private sector investors.

We also provide or facilitate financing through trust fund partnerships with bilateral and multilateral donors. Many partners have asked the Bank to help manage initiatives that address needs across a wide range of sectors and developing regions. Innovative Knowledge Sharing We offer support to developing countries through policy advice, research and analysis, and technical assistance. Our analytical work often underpins World Bank financing and helps inform developing countries own investments. In addition, we support capacity development in the countries we serve. We also sponsor, host, or participate in many conferences and forums on issues of development, often in collaboration with partners.

To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the Bank is constantly seeking to improve the way it shares its knowledge and engages with clients and the public at large. Key priorities include:

Results: We continue to sharpen our focus on helping developing countries deliver measurable results. Reform: We are working to improve every aspect of our work: how projects are designed, how information is made available (Access to Information), and how to bring our operations closer to client governments and communities.

Open Development: We offer a growing range of free, easy-to-access tools, research and knowledge to help people address the world's development challenges. For example, the Open Data website offers free access to comprehensive, downloadable indicators about development in countries around the globe. We have also made World Bank Livelive discussions open to participants worldwidea key part of our Spring and Annual Meetings with the International Monetary Fund.

history:
Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with our affiliate, the International Development Association, and other members of the World Bank Group, the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). Once, we had a homogeneous staff of engineers and financial analysts, based solely in Washington, D.C. Today, we have a multidisciplinary and diverse staff that includes economists, public policy experts, sector experts and social scientists and now more than a third of our staff is based in country offices.

Reconstruction remains an important part of our work. However, at today's World Bank, poverty reduction through an inclusive and sustainable globalization remains the overarching goal of our work.

Conceived during World War II at Bretton Woods, New Hampshire, the World Bank initially helped rebuild Europe after the war. Its first loan of $250 million was to France in 1947 for post-war reconstruction. Reconstruction has remained an important focus of the Bank's work, given the natural disasters, humanitarian emergencies, and postconflict rehabilitation needs that affect developing and transition economies.

Today's Bank, however, has sharpened its focus on poverty reduction as the overarching goal of all its work. It once had a homogeneous staff of engineers and financial analysts, based solely in Washington, D.C. Today, it has a multidisciplinary and diverse staff including economists, public policy experts, sectoral experts, and social scientists. 40 percent of staff are now based in country offices. The Bank itself is bigger, broader, and far more complex. It has become a Group, encompassing five closely associated development institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), theInternational Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Transition During the 1980s, the Bank was pushed in many directions: early in the decade, the Bank was brought face to face with macroeconomic and debt rescheduling issues; later in the decade, social and environmental issues assumed center stage, and an increasingly vocal civil society accused the Bank of not observing its own policies in some highprofile projects. To address concerns about the quality of Bank operations, the Wapenhans Report was released and soon after, steps toward reform were taken, including the creation of an Inspection Panel to investigate claims against the Bank. However, criticism increased, reaching a peak in 1994 at the Annual Meetings in Madrid. Reform and Renewal Since then, the Bank Group has made much progress. All five institutions have been working - separately and in collaboration - to improve internal efficiency and external effectiveness. Clients report to be broadly pleased with the changes they see in Bank Group service levels, commitment, deliveries, and quality.
US Secretary of the Treasury, Henry Morganthau, Bretton Woods, July 1944

Mother and daughter, China, 1993

More than ever before, the Bank is playing an important role in the global policy arena. It has effectively engaged with partners and clients in complex emergencies from post-conflict work in Bosnia to post-crisis assistance in East Asia to posthurricane clean-up in central America to post-earthquake support in Turkey and in Kosovo and East Timor.

Notwithstanding these considerable progress, the Bank Group's agenda is not yet complete, nor can it ever be, while the challenges of development continue to grow.

management:
Dr. Jim Yong Kim
World Bank President

Jim Yong Kim, M.D., Ph.D., became the 12th President of the World Bank Group on July 1, 2012.

A physician and anthropologist, Dr. Kim has dedicated himself to international development for more than two decades, helping to improve the lives of under-served populations worldwide. Dr. Kim comes to the Bank after serving as President of Dartmouth College, a pre-eminent center of higher education that consistently ranks among the top academic institutions in the United States. Dr. Kim is a co-founder of Partners In Health (PIH) and a former director of the HIV/AIDS Department at the World Health Organization (WHO).

The World Bank is like a cooperative, made up of 188 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries' ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund. The governors delegate specific duties to 25 Executive Directors, who work on-site at the Bank. The five largest shareholders appoint an executive director, while other member countries are represented by elected executive directors.

World Bank Group President Jim Yong Kim chairs meetings of the Boards of Directors and is responsible for overall management of the Bank. The President is selected by the Board of Executive Directors for a five-year, renewable term.

The Executive Directors make up the Boards of Directors of the World Bank. They normally meet at least twice a week to oversee the Bank's business, including approval of loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financial decisions. The World Bank operates day-to-day under the leadership and direction of the president, management and senior staff, and the vice presidents in charge of regions, sectors, networks and functions.

board of directors:

The Boards of Directors consist of the World Bank Group President and 25 Executive Directors*. The President is the presiding officer, and ordinarily has no vote except a deciding vote in case of an equal division. The Executive Directors as individuals cannot exercise any power nor commit or represent the Bank unless specifically

authorized by the Boards to do so. With the term beginning November 1, 2010, the number of Executive Directors increased by one, totaling 25. Alternates to Executive Directors have full power to act in the absence of their respective Executive Directors. Furthermore, Senior Advisors and Advisors assist the Executive Directors in their work, who can, along with the Alternates to Executive Directors, attend most Board meetings in an advisory capacity, without voting rights.
Previous Compositions

The first Boards consisted of 12 Executive Directors, as prescribed in the

4(b).

IBRD Articles of Agreement, Article V Section

Increases in the number of elected Executive Directors require a decision of the Boards of Governors by

an 80% majority of the total voting power. 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 20. The two new seats, Russia and a new group around Switzerland, brought the total number of Executive Directors to 24. With the term beginning November 1, 2010, the number of Executive Directors increased by one, totaling 25.
Voting Powers

The World Bank and the IMF have adopted a weighted system of voting. According to the
Agreement,

IBRD Articles of

membership in the Bank is open to all members of the IMF. A country applying for membership in the

Fund is required to supply data on its economy, which are compared with data from other member countries whose economies are similar in size. A quota is then assigned, equivalent to the country's subscription to the Fund, and this determines its voting power in the Fund. Each new member country of the Bank is allotted 250 votes plus one additional vote for each share it holds in the Bank's capital stock. The quota assigned by the Fund is used to determine the number of shares allotted to each new member country of the Bank. Five Executive Directors are appointed by the members with the five largest numbers of shares (currently the United States, Japan, Germany, France and the United Kingdom). China, the Russian Federation, and Saudi Arabia each elect its own Executive Director. The other Executive Directors are elected by the other members. The voting power distribution differs from agency to agency within the World Bank Group. The Corporate Secretariat is responsible for coordinating the process for members to complete their periodic capital increases in IBRD, IDA, IFC, and MIGA. It provides advice on the procedures for subscribing to additional shares as authorized under resolutions approved by the documentation and capital subscriptions payments.
Ethics Matters Boards of Governors,

including required

The Code of Conduct for Board Officials (pdf) that took effect in November 1, 2007, supersedes the Code of Conduct and Ethics Committee Procedures approved in August 2003. The Code of Conduct for Board Officials sets forth principles and ethical standards for the Executive Directors, the Presidents of each of the organizations, Executive Director Designates, Executive Director Post-

Designates, Alternate Executive Directors, Alternate Executive Director Designates, Alternate Executive Director Post-Designates, Temporary Alternate Executive Directors, Senior Advisors, and Advisors to Executive Directors (collectively, Board Officials) in connection with, or having a bearing upon, their status and responsibilities in the organizations of the World Bank Group. The Code of Conduct provides that, as these officials are entrusted with responsibilities as prescribed in the Articles of Agreement, By-Laws, and related documents of the organizations, their personal and professional conduct must comply with the standards and procedures set forth in the Code of Conduct. Pursuant to the Code of Conduct, the Board has established an Ethics Committee to address ethics matters concerning Board Officials in order to ensure sound governance pursuant to the Code of Conduct. The Ethics Committee has the authority to advise Board Officials or the President on matters related to conflict of interests, annual disclosures, or other ethical aspects of conduct in respect of Board Officials or the President, and to investigate alleged misconduct by Board Officials or the President.

IBRD
Background
Founded in 1944 to help Europe recover from World War II, the International Bank for Reconstruction and Development (IBRD) is one of five institutions that make up the World Bank Group. IBRD is the part of the World Bank (IBRD/IDA) that works with middle-income and creditworthy poorer countries to promote sustainable, equitable and job-creating growth, reduce poverty and address issues of regional and global importance. Structured something like a cooperative, IBRD is owned and operated for the benefit of its 187 member countries. Delivering flexible, timely and tailored financial products, knowledge and technical services, and strategic advice helps its members achieve results. Through the World Bank Treasury, IBRD clients also have access to capital on favorable terms in larger volumes, with longer maturities, and in a more sustainable manner than world financial markets typically provide. Specifically, the IBRD:

supports long-term human and social development needs that private creditors do not finance; preserves borrowers' financial strength by providing support in crisis periods, which is when poor people are most adversely affected; uses the leverage of financing to promote key policy and institutional reforms (such as safety net or anticorruption reforms); creates a favorable investment climate in order to catalyze the provision of private capital;

provides financial support (in the form of grants made available from the IBRD's net income) in areas that are critical to the well-being of poor people in all countries.

Middle-income countries, where 70 percent of the world's poor live, have made profound improvements in economic management and governance over the past two decades and are rapidly increasing their demand for the strategic, intellectual and financial resources the World Bank has to offer. The challenge facing the IBRD is to better manage and deliver its resources to best meet the needs of these countries. To increase its impact in middle-income countries, IBRD is working closely with the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), the International Monetary Fund (IMF) and other multilateral development banks. In the course of its work, IBRD is also striving to capitalize on middle-income countries' own accumulated knowledge and development experiences and collaborates with foundations, civil society partners and donors in the development community.

HOW IDRB IS FINANCED:

BRD raises most of its funds on the world's financial markets. It has become one of the most established borrowers since issuing its first bond in 1947 to finance the reconstruction of Europe after World War Two. Investors see IBRD bonds as a safe and profitable place to put their money and their cash finances projects in middle-income countries. IBRD became a major player on the international capital markets by developing modern debt products, opening new markets for debt issuance, and by building up a broad investor base around the world of pension funds, insurance companies, central banks, and individuals. The World Bank's borrowing requirements are primarily determined by its lending activities for development projects. As World Bank lending has changed over time, so has its annual borrowing program. In 1998 for example, IBRD borrowing peaked at $28 billion with the Asian financial crisis. It is now projected to borrow between $10 to 15 billion a year. IBRD borrows at attractive rates on the capital markets thanks to its triple-A status that it has had with credit rating agencies since 1959. This has enabled it to borrow in U.S. dollars, for example, at an overall funding cost that comes close to that of the U.S. Treasury. IBRD enjoys its high credit rating because it is backed by the capital commitments of its 186 shareholder governments. It is also the result of IBRD's strong balance sheet, prudent financial policies, and its expected treatment as a preferred creditor when a country has difficulty in repaying its loans. IBRD has also profited from anticipating shifts in investor preferences and investing in the risk management and systems to take advantage of those trends. IBRD has to its credit a string of firsts in its borrowing program. These include the first currency swap in international markets in 1981, through to the introduction of the first global bond in 1989, to the first fully integrated electronic bond offering via the Internet in 2000. In 2003, the World Bank executed the first fully electronic swap auction. Innovations by IBRD have also supported its goal of promoting development. Although much of its borrowing is in U.S. dollars, IBRD has over the years offered bonds in more than 40 different currencies. Its issues in nascent capital markets have often been a catalyst for improving market infrastructure and efficiency. IBRD's earns an income every year from the return on its equity and from the small margin it makes on lending. This pays for IBRD's operating expenses, goes into reserves to strengthen the balance sheet and also provides an annual transfer to the International Development Association (IDA). IBRD has raised the bulk of the money loaned by the World Bank to alleviate poverty around the world. This has been done at a relatively low cost to taxpayers, with governments paying in $11 billion in capital since 1946 to generate more than $400 billion in loans.

IBRD WTH PAKISTAN?

IDA:
Record Support for Fight Against Extreme Poverty
Despite tough economic times, a global coalition of developed and developing countries pledged $52 billion for IDA over the next 3 years.

IDA HISTORY:
IDA History
The International Bank for Reconstruction and Development (IBRD), better known as the World Bank, was established in 1944 to help Europe recover from the devastation of World War II. The success of that enterprise led the Bank, within a few years, to turn its attention to the developing countries. By the 1950s, it became clear that the poorest developing countries needed softer terms than those that could be offered by the Bank, so they could afford to borrow the capital they needed to grow. In the early 1950s, reports from the United Nations and the U.S. government supported the establishment of a program to lend to poor countries on concessional terms with the backing of multilateral donors. After initial deliberations, the idea to create the International Development Association (IDA), an agency to provide soft -loans to developing countries, was floated within the Bank under the stewardship of President Eugene Black. Monroney Resolution As the initiative to launch IDA gained considerable momentum within the Bank, externally it received support from Democratic Senator Mike Monroney of Oklahoma, who was interested in the provision of soft-loans for developing nations with the World Bank as the dispenser of the aid. When appointed chairman of the Senate Subcommittee on International Finance, he proposed what came to be known as the Monroney Resolution. Articles of Agreement for IDA As the resolution was passed in the U.S. Senate, the U.S. Treasury Secretary announced at the 1958 annual Bank and Fund meetings in New Delhi that the U.S. was seriously studying the proposal of a Bank-based IDA and hoped others would do the same. After consultations, which began among the member governments of the World Bank in 1958, the Bank's Board of Governors at its Annual Meeting in 1959 approved a United States resolution calling on the Bank's Executive Directors to draft theArticles of Agreement for IDA (pdf). Before the end of January 1960, the Bank had circulated the Articles of Agreement to all of the members for ratification, and received approval from member countries including the U.S. underPresident Dwight D. Eisenhower. Launch of IDA With an initial funding of $912.7 million, IDA was launched on September 24, 1960 with 15 signatory countries Australia, Canada, China, Germany, India, Italy, Malaysia, Norway, Pakistan, Sudan, Sweden, Thailand, United Kingdom, United States, and Vietnam. Within its first eight months of launch, IDA had 51 members and allocated credits worth $101 million to four countries. Honduras received the first IDA credit for highway maintenance. Chile, Sudan, and India were the other three recipients.

IDA has grown to include 172 member countries, and has become the leading source of concessional lending to 82 of the worlds poorest countries, with 40 countries in Africa. Overall, 36 countries have graduated from IDA and some have reverse-graduated or re-entered IDA. Since its inception, IDA credits and grants have totaled $255 billion, averaging $15 billion a year in recent years with Africa receiving 50% of the share.

IDA WTH PAKISTAN?

IFC:
About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. Established in 1956, IFC is owned by 184 member countries, a group that collectively determines our policies. Our work in more than a 100 developing countries allows companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities. IFCs vision is that people should have the opportunity to escape poverty and improve their lives.
Our Strategic Priorities:

Strengthening the focus on frontier markets Addressing climate change and ensuring environmental and social sustainability<="" li="" style="margin: 0px;"> Addressing constraints to private sector growth in infrastructure,health, education, and the food-supply chain Developing local financial markets Building long-term client relationships in emerging markets

OUR GOALS AND OBJECTIVES:

Our Goals and Values

As a member of the World Bank Group, IFC has two overarching goals:

End extreme poverty by 2030 Boost shared prosperityin every developing country

Our commitment to alleviating poverty and creating opportunity is reflected in our values:

In everything we do, we seek to achieve the things that few others are able or inclined to. This is our brand value proposition: Innovation: For more than half a century, IFC has innovated to strengthen private sector development wherever its needed most. Influence: As the worlds largest global development institution focused on the private sector, IFC plays a significant role in influencing the course of private sector development. Demonstration: We have a long history of setting a good exampleof demonstrating the rewards of investing in challenging markets. Impact: We go wherever we are needed most, and deploy our resources wherever they will achieve the greatest impact.
Organization

IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent.

Ownership & Governance

IFC's 184 member countries, through a Board of Governors and aBoard of Directors, guide IFC's programs and activities. Each country appoints one governor and one alternate. Learn more about IFCs Governance

Management

IFC Executive Vice President and CEO

Jin-Yong Cai

The IFC Executive Vice President and CEO leads IFC's overall strategic directions.

The World Bank Group's president also serves as IFC's president. The Management Team assists the Executive Vice President and CEO in decision-making and strategic planning. IFC's projects and programs are evaluated by the Independent Evaluation Group. Accountability is ensured by the independent Office of the Compliance Advisor/Ombudsman.
What We Do

IFC provides more than money. We blend investment with advice to help the private sector find solutions to todays greatest development challenges. IFCs three business Investment Services, Advisory Services, andIFC Asset Management- are mutually reinforcing, delivering global expertise to clients in more than a 100 developing countries. IFC provides both immediate and long-term financing, and we combine it with advice that helps companies grow quickly and sustainably.

Investment Services
Through Investment Services IFC provides a broad suite of financial products and servicesincluding loans, equity, trade finance, structured finance, and syndicationsdesigned to promote development in emerging economies and help reduce poverty.

Advisory Services
Through Advisory Services IFC offers advice, problem solving, and training to companies, industries, and governments, all aimed at helping private sector enterprises overcome obstacles to growth.

IFC Asset Management Company

IFC Asset Management Company, a wholly owned subsidiary of IFC, mobilizes and manages third-party capital funds for investment in developing and frontier markets.

history: A daring new idea when created in the 1950s, IFC is the largest organization of its kind in the world. A sense of innovation and the strength of our core corporate values--excellence, commitment, integrity, teamwork, and diversity--have driven this growth over the years.

Holding a $49.6 billion portfolio, we now reach millions of people in more than 100 countries, creating jobs, raising living standards, and building a better future to support the World Bank Group's two goals: ending extreme poverty and boosting shared prosperity. 1950 The Idea of IFC

Garner and colleagues suggest creating a new institution to stimulate private investment in the Bank's borrowing countries. "It was my firm conviction that the most promising future for the less developed countries was the establishing of good private industry," Garner said.

1951 Growing Support

The U.S. government calls for "an International Finance Corporation" tied to the World Bank. It would finance private enterprises in developing countries but: Take no government guarantees Always work alongside other private investors Never manage its investees

1956 IFC Created

IFC opens under Garner's leadership with 12 full-time staff but just $100 million in authorized capital, a low amount that prevents it from making major investments. Shareholders only allow it to make loans, not the equity investments that Garner desired, and that in time would become the key to its profitability. 1957 First Investment

IFC's first investment: a $2 million loan to help the Siemens affiliate in Brazil manufacture electrical equipment. Following the mandate, the project is a private sector solution to a development challenge at the time, Brazil's per capita power consumption is just half of neighboring Argentina's. 1958 First Mission to India

Garner leads IFC's first mission to India, becoming an early champion of its nascent private sector that will later transform the country in the 1990s and 2000s 1960 IDA Created

World Bank shareholding governments create the International Development Association (IDA), a new concessional funding arm for the world's poorest countries. In time, IDA countries will become IFC's main focus. 1961 New Powers

Upon retirement, Robert L. Garner sees a key part of his historic vision become reality: IFC is authorized to make equity investments. The first one follows the next year (a stake in Spanish auto parts manufacturer FEMSA). 1965 First Syndication

IFC mobilizes $600,000 from Deutsche Bank and others for Brazilian pulp and paper company Champion Cellulose. The transaction provides early support for Champion, a rising player that in 2001 is sold for $9.1 billion to the world's largest paper company, International Paper of the U.S. The project also launches IFC's syndications program. 1969 A Call for Growth

Accepting an independent commission's report, World Bank President Robert S. McNamara agrees that a larger, more development-oriented IFC could play a powerful role. To guide the thinking behind IFC's growth, he recruits IMF official Moeen Qureshi, a future prime minister of Pakistan. 1971 Financial Markets

At a time when few development thinkers are focused on the role of financial institutions, IFC breaks the mold, creating a Capital Markets Department to strengthen local banks, stock markets, and other intermediaries. In time this function will become IFC's largest area of emphasis.

1972 First Advisory Services

With donor support from the U.S. and U.K., IFC sends two staff and 12 Canadian banking consultants to Jakarta for four years to build Indonesia's securities markets. Little noticed at the time, it is the start of a core business function: provision of business and financial expertise through advisory services. 1972 - 1977

First Field Offices

Decentralization begins with small one-man offices in Jakarta and Nairobi, followed by establishment of the first regional mission for East Asia, based in Manila. By 2008, more than 50 percent of IFC staff will be based outside of Washington, DC.

1981 Emerging Markets

IFC coins the phrase "emerging markets." Investment Officer Antoine van Agtmael devises the term as a way to change the financial world's perception of developing countries. It sticks, defining a new asset class. Worth almost nothing at first, the total capitalization of emerging market stock markets will reach $5 trillion within 25 years of IFC's origination of the phrase. 1982 First Advisory Facility

IFC creates its first multidonor advisory services initiative, the Caribbean Project Development Facility. The first of many such initiatives within IFC, the initiative was credited with creating 17,500 jobs before closing in the 1990s. 1984 Financial Autonomy

Long reliant on World Bank support, IFC becomes financially independent, gaining approval to issue its own bonds in international capital markets. 1989 AAA Credit Rating

IFC receives the highest possible endorsement of financial health from private rating agencies. It becomes the key to a large-scale, multicurrency borrowing program that by 2009 will exceed $9 billion a year. 1991 Capital Increase

Shareholders give IFC a record $1.2 billion capital increase, leading to increased work in privatization, infrastructure finance, capital market development, support of small and medium enterprises, and renewed collaboration with the World Bank. 1992 Global Industry Departments

Sensing that global knowledge is one of its most important assets, IFC creates new global industry departments in Infrastructure, Agribusiness, Oil/Gas/Mining, and Chemicals/Petrochemicals/Fertilizers to complement the existing one for Capital Markets. 1994 Information Disclosure

IFC enacts its first policy on public disclosure of information, greatly increasing its openness and transparency by increasing the amount of project information it releases on projects before board approval. As part of the policy, IFC "recognizes and endorses the fundamental importance of accountability and transparency in the development process." 1998 Environmental and Social Standards

IFC's launches new environmental and social review procedures and safeguard policies. They will become a fundamental part of IFC's work, mainstreaming high standards of sustainability in all investment transactions. 1999 Increased Accountability

As part of an increasing commitment to openness and accountability, Meg Taylor is appointed Compliance Advisor/Ombudsman for IFC and MIGA. The post is the first of its kind in a multilateral development institution. 2001 Sustainability Initiatives

Under Executive Vice President Peter Woicke's leadership, IFC begins mainstreaming sustainability concerns into all its investment operations. 2003 Equator Principles

Meeting at IFC,10 top international banks adopt the Equator Principles, applying new environmental and social development standards to their project finance lending based on IFC's own standards. By 2009, 68 participating banks had adopted the Equator Principles, representing 90 percent of all global project financing. 2007 IDA Focus

IFC's investment in IDA countries grows by 75 percent in one year, part of a new focus on the world's poorest countries and other frontier regions left out of the emerging market investment boom. Soon, more than half of IFC investment projects will be in IDA countries. 2007 Decentralization

With most clients now coming from emerging markets, IFC plans moves to increase client service and responsiveness by streamlining business procedures and decentralizing staff and decision making. By 2009, IFC will be present in more than 80 countries and have more than half of its staff in the field-a dramatic turnaround from previous years. 2008

Climate Change

IFC adds climate change to its main areas of business focus, leading to a vast increase in investment and advisory services in renewable energy, energy efficiency, cleaner production, and other earth-friendly business opportunities. 2008 Expanded Reach

For the year, IFC clients provide 2.1 million jobs, serve 5.5 million patients, and help educate 1.2 million students. This comes as IFC's new financing reaches $16.2 billion, a 34 percent increase over the previous year. This includes $11.4 billion for IFC's own account and $4.8 billion mobilized for clients. 2009 Crisis Response

Amid a severe global economic downturn, IFC and its many partners launch crisis response initiatives in trade finance, microfinance, infrastructure, advisory services, and distressed assets. The moves show IFC's growing leadership, helping clients weather the storm and preserve jobs during the crisis. 2009 IFC Asset Management Company

IFC Asset Management Company is launched, adding a third business line to complement IFC's existing investment and advisory services work. IFC Asset Management Company invests third-party capital in a private equity fund format. It offers outside investors the opportunity to benefit from IFC's expertise in emerging markets and track record of achieving strong equity returns as well as distinct

2010 Emphasis on Jobs

IFC investment clients provide 2.2 million jobs. More than 711,000 come from businesses supported indirectly though IFC--backed investment funds. Commitments reached $18 billion--$12.7 billion for IFC's own account and $5.3 billion in mobilizations. Annual spending on advisory services hits $268 million. 2010 Inclusive Business

IFC makes a new commitment to reaching the many millions of people at the base of the pyramid, launching a new initiative to create jobs, raise incomes, and bring more low-income producers' goods and services to global markets. 2010 G-20 Recognition

Recognizing IFC's leadership in the field, the G-20 makes us its global partner in SME development. At its Seoul summit, the G-20 receives our knowledge-sharing report on access to finance, and ask IFC to lead implementation of the SME Finance Challenge, a new campaign to scale up successful models of support to SMEs, a key driver of job creation and growth. 2011 The Future is Here

Financially strong, with a talented, diverse staff and respected global brand, IFC is increasingly moving into a leadership position in addressing some of the most challenging issues in private sector development. Our proud 55-year history leaves us well-prepared to the challenging new beginnings we face today.

IFC WTH PAKISTAN? MIGA:

MIGA is a member of the World Bank Group. Our mission is to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty, and improve people's lives. Our strategy

MIGAs operational strategy plays to our foremost strength in the marketplaceattracting investors and private insurers into difficult operating environments. We focus on insuring investments in the areas where we can make the greatest difference

Countries eligible for assistance from the International Development Association (the worlds poorest countries) Conflict-affected environments Complex deals in infrastructure and extractive industries, especially those involving project finance and environmental and social considerations South-South investments (from one developing country to another) MIGA offers comparative advantages in all of these areasfrom our unique package of products and ability to restore the business community's confidence, to our ongoing collaboration with the public and private insurance market to increase the amount of insurance available to investors. Click here to read our strategy for fiscal years 2012-2014. As a multilateral development agency, MIGA only supports investments that are developmentally sound and meet high social and environmental standards. MIGA applies a comprehensive set of social and environmental performance standards to all projects and offers extensive expertise in working with investors to ensure compliance to these standards. Our products We fulfill our mission by providing political risk insurance guarantees to private sector investors and lenders. MIGAs guarantees protect investments against-non-commercial risks and can help investors obtain access to funding sources with improved financial terms and conditions. Our unique strength is derived from our standing as a member of the World Bank Group and our structure as an international organization with our shareholders including most countries of the world. Since our inception in 1988, MIGA has issued more than $28 billion in political risk insurance for projects in a wide variety of sectors, covering all regions of the world. We also conduct research and share knowledge as part of our mandate to support foreign direct investment into emerging markets. This underscores our position as a thought leader and source of pertinent information for the political risk insurance community. Our team Our people have extensive experience in political risk insurance, with backgrounds including banking and capital markets, environmental and social sustainability, project finance and sector specialties, and international law and dispute settlement. Meet our senior management. Our shareholders A Council of Governors and a Board of Directors representing our member countries guide the programs and activities of MIGA. MIGAs corporate powers are vested in the Council of Governors, which delegates most of its powers to a Board of Directors. V oting power is weighted according to the share of capital each director represents. The directors meet regularly at the World Bank Group headquarters in Washington, DC, where they review and decide on investment projects and oversee general management policies.

HISTORY:
The idea for a multilateral political risk insurance provider was floated long before MIGAs establishmentin fact as far back as 1948. But it was not until September 1985 that this idea started to become a reality. At that time the World Banks Board of Governors began the process of creating a new investment insurance affiliate by endorsing the MIGA convention that defined its core mission: "to enhance the flow to developing countries of capital and technology for productive purposes under conditions consistent with their developmental needs, policies and objectives, on the basis of fair and stable standards to the treatment of foreign investment." On April 12, 1988 an international convention established MIGA as the newest member of the World Bank Group. The agency opened for business as a legally separate and financially independent entity. Membership was open to all IBRD members, and the agency began with capital stock of $1 billion. MIGAs original 29 members were: Bahrain, Bangladesh, Barbados, Canada, Chile,

Cyprus, Denmark, Ecuador, Egypt, Germany, Grenada, Indonesia, Jamaica, Japan, Jordan, Korea, Kuwait, Lesotho, Malawi, Netherlands, Nigeria, Pakistan, Samoa, Saudi Arabia, Senegal, Sweden, Switzerland, United Kingdom, and United States. MIGA was created to complement public and private sources of investment insurance against non-commercial risks in developing countries. MIGAs multilateral character and joint sponsorship by developed and developing countries were seen as significant ly enhancing confidence among cross-border investors. Today, MIGAs mission is straightforward: To promote foreign direct investment into developing countries to support economic growth, reduce poverty and improve peoples lives. What follows are some highlights of our story by fiscal year (July 1-June 30). 1988 MIGA is established Mr. Yoshio Terasawa appointed the first Executive Vice President Foreign Investment Advisory Services (FIAS) established as a joint venture of MIGA and IFC 1990 MIGA issues its first investment guarantee contracts supporting four projects representing a total of $1.04 billion in direct investment First reinsurance contracts signed with national agencies: the Export Credit Agency of Canada and the Overseas Private Investment Corporation of the United States MIGA holds its first investment promotion conference in Ghana 1991 Membership tops 100 countries 1992 Mr. Akira Iida appointed Executive Vice President 1994 MIGA joins the Berne Union MIGA focuses its technical assistance activities exclusively on investment promotion 1996 MIGA launches IPAneta global internet-based information exchange, communications network, and marketplace 1997 First contract issued under MIGAs Cooperative Underwriting Program (CUP) for a power project in Indonesia EU Investment Trust Fund for Bosnia and Herzegovina: $12 million investment guarantee fund established in partnership with MIGA; fully utilized The West Bank and Gaza Investment Guarantee Trust Fund: $20 million in capacity established in 1997 1998 Mr. Motomichi Ikawa takes office as Executive Vice President MIGA marks its 10th anniversary The Council of Governors adopts a resolution for a general capital increase of approximately $850 million, accompanied by a grant of $150 million transferred from the World Banks IBRD to MIGA. The doubling of MIGAs capital resources to $2 billion enables the agency to deliver and expand its services to developing-member countries

MIGA holds first symposium with Georgetown University on international political riskthe symposium remains an influential, biannual event 1999 MIGA for the first time issues guarantees exceeding $1 billion in a single year, reaching a total of 1.3 billion MIGA approves Environmental Assessment and Disclosure Policy and implements environmental standards for all new MIGAinsured projects 2000 First MIGA/IFC Compliance Advisor/Ombudsman appointed The Government of Ethiopia appoints MIGA as mediator for the resolution of the disputes between the Ethiopian government and foreign investors for projects not guaranteed by MIGA Country membership tops 150 MIGA pays first claim 2001 New issuance reaches $ 2 billion Four MIGA-supported projects, including a telecommunications project in Brazil and a mining project in Russia, receive industry awards from major publications Investment Promotion Toolkit launched 2002 MIGA conducts investor survey in the wake of September 11, 2001 attacks Project Finance Magazine names the MIGA-supported Manila North Tollways Corporation projectthe "Asia-Pacific Transport Deal of the Year 2001" 2003 Two MIGA-supported projects, a power project in Turkey and hospital renovation project in Romania financed by Volksbank Romania S.A., receive Deal of the Year awards 2004 Ms.Yukiko Omura takes office as Executive Vice President 2005 MIGA launches Small Investment Program to encourage investment in small and medium-size enterprises MIGA launches Afghanistan Investment Guarantee Facility to support foreign direct investment into that country MIGA-backed projects receive five Deal of the Year' awards 2006 MIGA supports project in El Salvador that sells carbon credits gained by reducing greenhouse gas emissions MIGA supports first project under the new facility for Afghanistan to promote development in the cotton sector 2007 MIGA supports its first project funded through an Islamic financing structure, issuing guarantees for a port in Djibouti MIGA launches PRI-Center.com, a political risk management and insurance portal, and consolidates its existing investor information services into FDI.net, providing a single entry point for investors seeking information on foreign direct investment 2008 MIGA celebrates 20th anniversary Issued guarantees reach historic $2.1 billion Four MIGA-supported projectsin Uganda, Djibouti, Costa Rica, and Kazakhstanwin top industry honors MIGAs technical assistance services integrated with FIAS, a multi-donor funding platform for World Bank Group investment climate reform programs Ms. Izumi Kobayashi named Executive Vice President

2009 MIGAs Board of Directors approves substantial changes to the agencys operational regulationsencompassing a number of measures including one new type of coverage: non-honoring of sovereign financial obligations. The changes represent the largest and most significant expansion of MIGAs business toolkit since 1988 MIGAs support to investors this year includes $1.2 billion in guarantees to support the real economy in the Europe and Central Asia region, which was hit particularly hard by the financial crisis MIGA launches World Investment and Political Risk as an annual "flagship" publication 2010 Basel Committee on Banking Supervision classifies MIGA as a "highly-rated multilateral," a treatment that recognizes the special value of MIGAs insurance to banks MIGA launches Asia hub to expand physical presence in the region 2011 Council of Governors approves amendments to MIGAs convention to enhance MIGAs effectiveness as a multilateral provider of political risk insurance 2013 MIGA celebrates 25th anniversary Ms. Keiko Honda named Executive Vice President