Letter from the IFC Board

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Standing (left to right): Werner Gruber, Switzerland, Frank Heemskerk, The Netherlands, Turki Almutairi, Saudi Arabia (Alternate), Andrei Lushin, Russian Federation, Yingming Yang, China, Jean-Claude Tchatchouang, Cameroon (Alternate), Hervé de Villeroché, France, Otaviano Canuto, Brazil, Kazuhiko Koguchi, Japan, Andin Hadiyanto, Indonesia, Erik Bethel, United States (Alternate), Fernando Jimenez Latorre, Spain, Omar Bougara, Algeria, Aparna Subramani, India

Seated (left to right): Melanie Robinson, United Kingdom, Christine Hogan, Canada, Máximo Torero, Peru, Jason Allford, Australia, Bongi Kunene, South Africa, Merza Hasan, Kuwait (Dean), Franciscus Godts, Belgium, Patrizio Pagano, Italy, Juergen Zattler, Germany, Susan Ulbaek, Denmark, Andrew N. Bvumbe, Zimbabwe


 

During fiscal 2018, the Board was actively involved in the discussion with management on implementation of the Forward Look vision for the World Bank Group. An integral part of this discussion included a proposed capital package that would allow the Bank Group to deliver development results more effectively — and in a financially sustainable manner.

This transformative financial and policy package is the largest injection of capital into the World Bank and IFC to date, and it represents a major shift in approaches to address today’s toughest development challenges. Together with a commitment by Bank Group management to implement necessary internal reforms, the package of initiatives will help support achievement of the 2030 development agenda, the IDA18 vision, Maximizing Finance for Development, and will help the Bank Group continue to lead on global public goods and scale up its support in fragile and conflict-affected situations.

The Board also engaged on the shareholding review to rebalance shareholding among members, and agreed to reduce extreme under-representation in order to realize voice reform and more closely align voting power between the institutions of the Bank Group. The Board has also provided guidance and direction on initiatives that enable the Bank Group to continue to improve its business model — including through simpler and more agile processes, strengthened strategic frameworks, market creation and increased development impact through the IFC 3.0 strategy, efficiency measures in compensation and other expenses, and frameworks and mechanisms to ensure financial sustainability.