This year marks the 60th anniversary of the International Finance Corporation (IFC), the World Bank's private sector arm. Created in 1956 in response to perceived capital limitations and structural challenges in the developing world, IFC is a catalyst for investment in private enterprise through its own investment and through the stimulation of private capital from other sources.
... See More + While its objectives have not significantly changed over time, the variety of tools and strategies IFC employs has evolved. The IFC's first loan was made in 1957 for $2 million to a Brazilian affiliate of German engineering company Siemens to finance the manufacture of electrical equipment. Loans to various private enterprises for manufacturing plants, aircraft repair facilities, mining operations, and steel plants soon followed.
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September 19, 2016 marked the 56th anniversary of the signing of the Indus Basin treaty by India and Pakistan. The agreement signified the end of a long dispute between the two countries and opened the door for increased economic development in the region.
... See More + The World Bank and its president at the time, Eugene Black, played an important role as mediator in the nearly decade long negotiation. This was not, however, the only time the nascent institution took on this role. A small number of prominent Bank-led mediation efforts in the 1950s illustrate how the Bank extended itself beyond the provision of loans in order to facilitate increased development. The World Bank's first foray into the mediation of international disputes was the result of an invitation to participate in failing negotiations between Iran and Great Britain about the proposed nationalization of Iran’s oil industry.
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To mark Energy Week 2011 at the World bank, and to consider the issue of rising oil prices, the Archives has chosen to highlight a drawing by Pedro-Pablo Kuczynski, created during the 1973-74 OPEC oil embargo.
... See More + The Bank was tracking the causes and implications of the dramatic rise in prices that were occurring, however there was no projection for any major shortage or crisis. The first issue examined how developing countries, which were dependent on the importation of oil for their energy needs, would be financially challenged by the rising costs. The second issue examined how the rise in prices will alter the global economic situation, and thus the ability of the U.S. and other industrialized nations to provide aid to the developing world. In February 1974, World Bank representatives attended the Washington Energy Conference. The report states that Hydrogen itself, either in elemental form or in compounds such as ammonia, is an excellent fuel, transportable as a gas or a liquid. Discussions about domestic energy sources and the possibility for vehicles powered by hydrogen fuel cells are as current today as they were in the mid-1970s. The archival records related to the Bank's response to the OPEC oil embargo during these years show us how prominent these same issues are today. This exhibit was originally published in March 2011.
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The featured exhibit - Excerpts from International Bank Notes - has the following highlights: Inter nationalism and how the Bank should do its share and lend assistance to the thought that nations must be international-minded in proportion to the insight they have into their own good.
... See More + In the same issue, International Bank Notes reported on other Bank-related items. The Personals Section identified members of staff who were visiting with their families over the Christmas vacation. Bank staff donated one hundred and thirty dollars to CARE during the month of December. The International Cooking Corner had a recipe for Chicken Curry from Mr. N. Sundaresan, Alternate Executive Director for India. The Who’s Who in the Bank section profiled President John J. McCloy, appointed in March 1947. This exhibit was originally published in January 2003.
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The proposal for stamps issued by the United Nations was first communicated in 1947, by Argentina. On October 24, 1951, the first United Nations commemorative stamp was issued as the result of an agreement concluded with the United States postal authorities in 1951.
... See More + The first UN stamp was dedicated to the peoples of the world and sold for one cent. In the beginning, the UN stamps were only denominated in United States dollars for use exclusively at United Nations Headquarters in New York. On December 9, 1960, a United Nations commemorative stamp honoring the International Bank for Reconstruction and Development (IBRD) was issued. Similar agreements were later reached with the Swiss authorities in 1968 and with the Austrian authorities in 1979. Usually six new commemorative issues are released each year and remain on sale for twelve months only. After that date, any remaining stocks are destroyed. Commemorative stamps are so named because they commemorate a certain theme. They are never reprinted, even if they are sold out before the end of the twelve month sale period. Over the years the stamps have displayed an enormous variety of styles and designs. This exhibit was originally published in December 2011.
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Richard Van Wagenen, Dean of the Graduate School of American University, was invited by the Bank to assist in the creation of the program. He joined the staff of the Bank in November 1962, and immediately started screening applicants, both within the Bank and also externally.
... See More + The application process began with the paper applications. After the first round of elimination, the remaining applicants were narrowed down through a series of interviews with Bank staff members. The Junior Professional Recruitment and Training Program began with an orientation consisting of three weeks of special lectures and a full-time course of two months in applied development economics. During their career at the Bank, many Young Professionals obtained high positions in the organization such as resident representatives, department directors, and Vice Presidents. The program was, and remains, a very important tool for bringing into the Bank young and motivated individuals from all over the world to join the fight against poverty. This exhibit was originally published in February 2006.
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The following is a selection from a report by the Committee on Site from the Inaugural Meeting of the Board of Governors of the IBRD held in Savannah, Georgia, March 8 to 18, 1946 in which the location of the new World Bank headquarters is determined.
... See More + Read the full report at the bottom of this exhibit as reproduced in “Inaugural Meeting of the Board of Governors of theInternational Bank for Reconstruction and Development, Selected Documents” (1946). Under the Articles of Agreement, Article V, Section 9 (of the Bank), the question was limited to the selection of a locality within the United States. The metropolitan areas of Washington, D.C., and of New York, New York, were advanced for consideration. There was a thorough discussion of the arguments for and against both suggestions. The Bank, as an intergovernmental institution, should be free of any possible influence from economic, financial, or commercial private interests. The judgment of the government of the country in which Inaugural Meeting of the Board of GovernorsSavannah, Georgia, 1946 the Bank is to be located should be given substantial weight. Washington, D.C., affords a better opportunity for the members to communicate with the representatives of their respective governments. This exhibit was first published in October 2004
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On December 9, 1963 the auditorium in the newly-constructed C Building was dedicated to Eugene R. Black in his presence.The dedication address was given by the Honorable Douglas Dillon, Secretary of the Treasury of the United States.
... See More + This auditorium that we dedicate today is a tangible symbol of that assurance—a permanent and public recognition that the name and accomplishments of Eugene Black will be remembered and honored for as long as the Bank itself is alive in the affairs or memories of men. Eugene Black’s career with the World Bank began in 1947 when he was selected as the American representative on the Executive Board. The Bank had opened for business only the year before, and the problems that it faced were enormous. The Eugene R. Black Auditorium was located on the 11th floor of the C Building. Its room designation was C 1114.As designed, the Eugene R. Black Auditorium had a seating capacity of approximately 400, with concealed sliding doors permitting division of the space into smaller rooms. This exhibit was first published in April 2003.
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The World Bank’s official name upon its establishment was the International Bank for Reconstruction and Development. As the name indicates, reconstruction came first: On May 9, 1947, an agreement was signed granting a reconstruction loan to France in the amount of 250 million dollars.
... See More + One of the World Bank’s first development loans was to the Corporacion de Fomento and the Empresa Nacional de Electricidad of Chile. This loan financed construction of two hydroelectric plants at Los Molles and Los Cipreses and helped to purchase equipment for the third plant, the Pilmaiquen Hydroelectric plant. The project consisted of a program for the purchase and importation by Fomento of agricultural machinery to increase the productivity of Chilean agriculture. It was part of a large-scale program of agricultural mechanization initiated by Fomento immediately after the war years, in order to offset shortages of local production of foodstuffs resulting from under-utilization of arable land. The first stages of the program had already been financed by the Export-Import Bank. This exhibit was first published in May 2003
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June 1, 2003, marked the eighth anniversary of the arrival of James D. Wolfensohn to assume his duties as President of the World Bank Group.
... See More + Anniversaries are a good time to look back and see from where we have come. In that spirit here are excerpts from an article written by Jill Roessner that appeared in the July 1995 issue of "Bank’s World." Jim Wolfensohn officially arrived at the Bank June 1 and, on that first day, in addition to meeting the Board of Directors and holding a press conference, the new President and his wife, Elaine, hosted a kthe next day. Bank’s World was there. Since his appointment was announced, he has been disturbed by the volume of mail he’s received, much of it anonymous, criticizing the Bank. This exhibit was first published in June 2003.
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The headquarters of the World Bank Group is located in Washington, DC, and the telltale sign of spring in this area is the blossoming of cherry trees.
... See More + The first cherry trees planted in Washington DC were a gift from the City of Tokyo in 1912, and to celebrate the arrival of spring, the World Bank Group Archives is highlighting the 19th Annual Meeting of the BankGroup, which was held from September 7 to 11, 1964 in Tokyo, Japan. There are many archival materials in the custody of the World Bank Group Archives which tell the story of the 1964 Annual Meetings in Japan. These records originated from many units across the Bank, and they illuminate the day-to-day work of Bank staff who were preparing for the meeting in 1964. The records show the discussions in the spring of 1963 about the selection of Tokyo, Japan as the host city for the meeting, as well as all the logistical work needed to organize the event. This exhibit was first published in May 2012.
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Ghana signed IBRD Articles of Agreement on September 20, 1957 and became the 64th member of the Bank. The Bank approved the first finding for Ghana on February 8, 1962 for Volta River Hydroelectric Project.
... See More + This project consisted of a dam and power plant at Akosombo, 50 miles above the mouth of the Volta River, a transmission system to supply power to the cities of Accra and Tema, and a 700 mile transmission network to supply the principal cities, towns, villages and mines of Southern Ghana. The project also included construction of an aluminum smelter nearby to serve as the primary consumer of electricity generated. This exhibit was first published in November 2007.
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James D. Wolfensohn became the World Bank Group’s ninth president on June 1, 1995, after a distinguished career as an international investment banker and involvement in global development and environment issues.
... See More + The Bank’s Board of Executive Directors unanimously endorsed Mr. Wolfensohn’s appointment to second five-year term, which began June 1, 2000. He thus became the third World Bank Group president to be reappointed to a second term of office. During his tenure Mr. Wolfensohn visited more than 120 countries. His first trip – to Africa – took place only two weeks after he took office. Traveling to the field allowed him to gain first-hand experience on the Bank’s development projects and understand the challenges facing the organization. Mr. Wolfensohn advocated continuous dialogue and trust building among the Bank’s clients, the private sector, NGOs, and civil society. He helped to strengthen partnerships between the Bank and these groups. His commitment to empowering stakeholders expanded the Bank’s traditional cooperation with its clients to include their participation in decision-making processes. During Mr. Wolfensohn’s presidency the Bank expanded its participation in post-war reconstruction and conflict prevention. This exhibit was first published in May 2005.
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Ever since the World Bank opened for business on June 25, 1946 the address of its headquarters has been 1818 H Street N.W., Washington, District of Colombia (D.
... See More + C.) During the first Board of Governors meeting in Savannah, Georgia, in March 1946, the city of Washington was chosen as the future site of the World Bank. John Maynard Keynes of the British delegation had argued strenuously for New York, but the Americans insisted on Washington and carried the day. As it happened, a survey of downtown Washington was made to locate satisfactory quarters for the Bank and the fund prior to May 1, 1946. The results of this survey showed that the 1818 H Street building (what became the A building in the old main complex) contained the most satisfactory space that could be made available. The building had originally been constructed in 1941 for the United States (U.S.) Surgeon General, and in 1946 it was occupied by offices of the U.S. State Department. In seeking this office space, the public buildings administration of the U.S. Government was contacted, and in cooperation with the Executive Offices of the White House (including a direct appeal to President Truman from World Bank President Eugene Meyer) space was assigned in the building for the Bank and the fund. This exhibit was originally published in February 2003.
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George D. Woods was President of the World Bank from January 1, 1963, to March 31, 1968. Under Woods, Bank activities went in significant new directions.This article is excerpted from "The Coming of Age" by Roger Chaufournier in the June 1984 issue of Finance and Development.
... See More + Chaufournier joined the Bank in 1952 and retired in 1984 as Vice President of the Europe, Middle East and North Africa Regions (EMENA). The Bank was increasingly criticized as being too conservative. When George Woods arrived at the Bank, he found the institution ready to catch its second wind. The outside environment provided the opportunity.Under George Woods, the Bank evolved from a development institution toward a full-service development institution. One of his major contributions was to push the Bank into new lending for agriculture and education. Until then, lending for agriculture had been confined to brick and mortar, to infrastructure projects like dams, and to financial institutions as a channel for financial credits. However, the stage was set for a further deepening of our understanding of the process of development, for our preoccupation with absolute poverty and social justice, for the strong and enlightened leadership, and for the frenetic activity that characterized the presidency of Robert McNamara.This exhibit was first published in May 2003
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Alexander Kirkland Cairncross was born in Lanarkshire on February 11, 1911 and educated at Hamilton Academy, winning a scholarship to Glasgow University, where he specialized in economics.
... See More + He then went to Trinity College, Cambridge. Alec Cairncross took a first in the Economic Tripos, and became a lecturer in economics, under the considerable influence of John Maynard Keynes. During World War II most of his work was in the Ministry of Aircraft Production, where he rose to become Director of Programmes. In 1946 he served briefly on the staff of The Economist, and subsequently became adviser to the Board of Trade. He was seconded to be the economic adviser to the Organisation for European Economic Co-operation in Paris in 1949. and he left to become Professor of Applied Economics at his old university, Glasgow, in 1951. This exhibit was first published in July 2002, and highlights Sir Alec Cairncross on planning the economic development institute, launching the economic development institute, and the Sir Alec Cairncross on planning the economic development institute.
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The adverse effects of the increasing use of motor vehicles in many countries have resulted in development of various programs to decrease traffic congestion.
... See More + In the 1970s Singapore was one of the cities where environmental pollution, deteriorating quality of life in the city center, and congestion on limited urban roads encouraged the government to search for the means to improve the situation. The government of Singapore decided to implement the Area License Scheme - road pricing - to address the issue of traffic congestion in the city. The scheme was introduced in June, 1975. At that time Singapore was the only city in the world to implement this plan. As a result of this research program, the, Relieving traffic congestion: the Singapore area license scheme report was published in June, 1978. The purpose of this report was to provide the policy makers in other countries with information on the effects of the license scheme and help them to draw conclusions on its usefulness and adaptation to local conditions. In 1998, Singapore switched to the current Electronic Road Pricing system in the central business districts and on outer ring roads. Singapore is currently well known for its economic and infrastructure successes. In September 2006 Singapore hosted the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group. This exhibit was originally published in August 2006.
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This was the first World Bank Group financing for education. The purpose of the project was to provide assistance for the most crucial requirements of the Tunisian school system by financing the construction of a number of middle and secondary schools.
... See More + The Lycee Technique de Sfax expanded with the aid of funds from the World Bank, May 1966. These schools were urgently needed to reduce overcrowding and to enable teachers who were already on the job to be used more effectively. The Lycee de Jeunes Filles Elomrane and the Lycee Technique de Sfax were also financed as part of the Tunisia Education Project. These schools were urgently needed to reduce overcrowding and to enable teachers who were already on the job to be used more effectively. The Lycee de Jeunes Filles Elomrane and the Lycee Technique de Sfax were also financed as part of the Tunisia Education Project.The World Bank Group continues to assist in the development of education in Tunisia. In March 2004 the World Bank approved a 130 million dollars loan to support efforts to improve the quality and equity of public in the country.
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Several Bank projects elicited strong negative public reactions due to adverse environmental and social impacts. Complaints were registered by the Bank’s major shareholders and from environmental NGOs.
... See More + In response, the Bank created an Environment Department in the 1987 reorganization, sharply increased the number of environmental staff, instituted environmental safeguard policies, and launched a program of environmental lending. The new department was given wide responsibilities for research, developing new environmental initiatives, regular environmental reviews of projects. The Office of the Environmental Advisor in 1970 was the seed that gave rise to the robust growth of the Environmental Department beginning in 1987. The first report issued by the Bank Group on the environment, The World Bank and the World Environment, was written in September 1971. The importance of this 1971 report marked the beginning of a strategic change in World Bank policy. In the 30 month period between July 1, 1971 and December 31, 1973, the Bank Group reviewed 434 loans and credits from an environmental standpoint. While the Bank continues to address country-specific issues with respect to the environment, it has responded to the global challenges as well by forming partnerships with other institutions. This exhibit was originally published in September 2011.
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The Press Release of September 24, 1990 on the first environmental annual report announced that the Bank had approved eleven loans, totaling 403.9 million dollars, to support environmental projects in fiscal 1990, which ended June 30, 1990.
... See More + Only two similar loans were approved the previous year. In addition, international meetings involving concerned governments, the Bank, the United Nations Development Program (UNDP) and the United Nations Environment Program (UNEP), were taking place on the establishment of a Global Environment Facility (GEF). GEF was launched at a meeting in Paris on November 27-28, 1990 through agreement between 25 countries. The active portfolio of Bank-implemented GEF projects was 223 projects with total net GEF grant amount commitments of 1,528 million dollars. This exhibit was originally published in October 2006.
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