Articles Of Agreement Of The International Finance Corporation

The IFC plays a cash flowing role by borrowing international capital to finance lending activities. It is usually one of the first institutions to issue bonds or enter into swaps in emerging markets denominated in local currencies in those markets. IFC`s new international bonds reached $8.8 billion in 2010 and $9.8 billion in 2011. [15] [16] IFC Treasury is actively engaged in liquidity management to maximize returns and ensure that its investment financing is readily available, while risks to IFC are managed. [31] The money the Fund receives from a resilient participant is used by the Fund to exchange special drawing rights held by participants in relation to the amount whose participation in each participant in the Special Drawing Rights at the time of receipt of the currency from the Fund exceeds its cumulative net allocation. Special drawing rights thus collected and special drawing rights received by a participant terminate, in accordance with the provisions of this agreement, in order to satisfy any waterproofing agreement or scheduleD rates due and charged at this rate are void. In addition to the obligations arising from other provisions of this agreement, each member assumes the obligations under this article. 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. The World Bank and the International Monetary Fund were conceived in 1944 by delegates from the Bretton Woods Conference. The World Bank, then composed only of the International Bank for Reconstruction and Development, began its work in 1946.

Robert L. Garner joined the World Bank in 1947 as a leader and expressed his view that private companies could play an important role in international development. In 1950, Garner and his colleagues proposed the creation of a new institution to make private investments in the less developed countries served by the World Bank. The U.S. government has encouraged the idea of an international company working with the World Bank to invest in private companies without accepting government guarantees, without managing these companies and without cooperating with third-party investors. In the 1955 description of the IFC, World Bank President Eugene R. Black stated that IFC would only invest in private companies instead of lending to governments and would not manage the projects in which it invests. [10] IFC`s sustainable development framework articulates IFC`s commitment to sustainable development and is part of its approach to risk management.

IFC`s environmental and social policies, guidelines and instruments are widely taken up as market standards and are integrated into operational policies by companies, investors, financial intermediaries, stock exchanges, regulators and countries. In particular, the ETS guidelines[38] contain performance levels and measures normally acceptable to the World Bank Group and which are generally considered feasible in new facilities at a reasonable cost from existing technologies. In addition to commitments made with respect to special drawing rights arising from other articles of this agreement, each participant undertakes to cooperate with the Fund and other participants to ensure the proper functioning of the Underwriting Rights Department and the correct use of special drawing rights in accordance with this agreement and to make the Special Drawing Right the main reserve asset of the international monetary system.

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