+32 499 608 114contact@designk.be

Ibrd Agreement

Home / Ibrd Agreement
In Uncategorized

Each organization of the World Bank Group operates according to procedures established by its contractual provisions or by an equivalent government document. These documents describe the terms of membership and the general principles of organization, management and operations. The ICSID Convention came into force through a multilateral agreement and came into force on 14 October 1966. In the event of disagreement between the Bank and a country that is no longer a member during the permanent suspension of the bank, or between a member and a member, this disagreement is subject to arbitration by an arbitral tribunal of three arbitrators appointed by the bank, another by the country concerned and an arbitrator who, unless otherwise agreed by the parties , is subject to an arbitration tribunal. , is appointed by the President of the Permanent Court of the International Court of Justice or by any other authority prescribed by the Regulation adopted by the Bank. The arbitrator has full authority to resolve all procedural issues in any event if the parties do not agree on this issue. There is an advisory board of no less than seven people selected by the Governing Council, including representatives from the interests of the banking sector, the economy, industry, labour and agriculture, and with as broad a national representation as possible. In areas where specialized international organizations exist, Council members who are representative of these areas are chosen in agreement with these organizations. The Council advises the Bank on policy issues. The Board meets annually and on other occasions that the Bank may request. b) all loan contracts define the currency or currencies in which payments are made to the Bank under the contract. However, at the borrower`s choice, these payments may be made in gold or, subject to the bank`s agreement, in the currency of a member other than the part stipulated in the contract. The Bank arranges for the proceeds of the loan to be used only for the purposes for which the loan was granted, taking due account of profitability and efficiency, regardless of political or non-economic influences or considerations.

. The Bank publishes an annual report containing audited annual accounts and distributes to members, at intervals of at least three months, a summary of their financial situation and a results statement with the results of their activities. The Bank offers flexible loans of up to 30 years and tailored repayment planning. The IBRD also offers loans in local currencies. As part of a joint effort between IBRD and the International Finance Corporation, the Bank offers financing with or without state guarantees to sub-national companies. For borrowers who require quick financing for an unforeseen change, the IBRD introduces an option for the deferred drawdown, which serves as a line of credit with characteristics similar to those of the bank`s flexible credit program. [21] Among the World Bank Group`s credit enhancement and guarantee products, the IRD provides political guarantees covering countries` sovereign credit risk, partial credit guarantees to cover the credit risk of a sovereign government or sub-national entity, and partial risk guarantees for private projects, to cover a government`s non-compliance with its contractual obligations.

Recent Posts
Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.