Article Of Agreement Ida

At the end of January 1960, fifteen countries signed the statutes establishing the International Development Association. The association started in September of the same year with an initial budget of $913 million ($7.1 billion $US in 2012[13]). [14] [15] In the next eight months following its launch, IDA grew to 51 member states and lent $101 million to four developing countries ($784.2 million in 2012[13]). [10] Any World Bank Group organization operates according to procedures set out in its Articles of Agreement or an equivalent relevant document. These documents describe the conditions of membership and the general principles of organization, management and operation. The ICSID Convention was founded on a multilateral agreement and entered into force on 14 October 1966. Despite the creation of the IFC in 1956, developing countries continued to call for the creation of a new concession financing mechanism and the idea gained strength within the IBRD. [11] Eugene R. Black, then president of the IBRD, began circulating the idea of an International Development Association, contrary to an idea of a concessionaire called the United Nations Special Fund for Economic Development (SUNFED), run by the United Nations. [12] Paul Hoffman, the former administrator of the Marshall Plan, proposed the idea of a loan-to-all-trades facility within the World Bank, in which the United States would have an overweight voice in granting such loans. . . .

Comments are closed.