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World Bank

​​​World Bank

  • The World Bank was founded in 1944 with capital of US$ 252.8 billion.
  • The World Bank has 188 member countries.
  • The World Bank is headquartered in Washington DC, USA.

World Bank Group:

World Bank Group consists of five institutions:

  • Bank for Reconstruction and Development (IBRD), which the UAE joined on 22nd September 1972.
  • International Finance Corporation (IFC), which the UAE joined on 30th September 1977.
  • International Development Association (IDA), which the UAE joined on 23rd December 1981.
  • International Centre for the Settlement of Investment Disputes (ICSID), which the UAE joined on 22nd January 1982.
  • Multilateral Guarantee Agency (MIGA), which the UAE joined on 20th October 1993.

World Bank Group Offices in the UAE:

  • IFC Office: IFC Office was opened in 2003, and is based at the Dubai Financial Services Authority (DFSA).
  • World Bank Office in Abu Dhabi (under construction): MOF signed an agreement to open the bank office on 8th September 2015, under the Cabinet resolutions No.4, 84 and 1 of 2015.

The UAE Share:

  • The UAE share at the World Bank amounts to US$ 421.6 million (0.20%).

The Arab Group at the World Bank:

  • The Arab Group: UAE, Bahrain, Egypt, Jordan, Iraq, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, Yemen.
  • The Arab Group is represented by Dr Mirza Hassan, Executive Director of the Arab Group at the World Bank.

President of the World Bank Group:

  • Dr Jim Yong Kim

International Monetary Fund (IMF)

  • The International Monetary Fund (IMF) is a specialised agency of the United Nations, founded in 1954 by virtue of an international treaty to manage the global economy. IMF is headquartered in Washington DC, USA, and is run by representatives of almost all countries of the world that have quotas in the fund.
  • In line with the key objectives of its economic policy, IMF facilitates the growth of international trade, thus contributing to increasing employment opportunities and levels of actual income continuously, and developing productive resources for all member countries.
  • IMF ensures the stability of the system of exchange rates, keeping organised arrangements for currency exchange of member countries, and avoiding competitiveness in currency depreciation.

Fund Mission

  • Encouraging international monetary cooperation through a permanent body that encourages consultation and collaboration on international monetary issues.
  • Helping to establish a multilateral payment system that enables member countries to transact with each other, and abolishing foreign exchange restrictions that impede world trade growth.
  • Creating an atmosphere of mutual confidence among member countries by temporarily making fund resources available to them with sufficient guarantees, and then providing those countries with an opportunity to make adjustments to their balance of payments instead of resorting to measures that may negatively affect prosperity at national and international level.
  • Shortening the period of disequilibria in the balance of payments of member countries and minimising its impacts.

Number of Member Countries

  • IMF has 188 member countries.

Managing Director of the Fund:

  • Mrs Christine Lagarde

The UAE Relationship with IMF:

  • The UAE became a member of IMF by virtue of Federal Decree No. 40 of 1972.
  • The UAE contribution amounts to 752.5 million units of Special Drawing Rights (SDR), equivalent to AED 3.847 billion (0.32%), with a voting power of 0.33%.