World Bank Article Of Agreement

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(a) There is an advisory board of no less than seven people selected by the Governing Council, including representatives from the banking, industry, industry, labour and agriculture sectors, and with as broad a national representation as possible. In areas where specialized international organizations exist, Council members who are representative of these areas are chosen in agreement with these organizations. The Council advises the Bank on policy issues. The Board meets annually and on other occasions that the Bank may request. (a) Each member designates his central bank as the custodian of all the Bank`s assets in its currency or, if it does not have a central bank, the other institution that is acceptable to the Bank. In 2006, Roberto Daino, the general counsel after Ibrahim Shihata, published an internal “legal opinion on human rights and the work of the World Bank.” This legal opinion is the most advanced internal interpretation to date of the Bank`s human rights responsibility. Daino`s interpretations went far beyond what had been said previously, with conclusions such as: “The articles of the agreement permit and, in some cases, require the Bank to recognize the human rights dimensions of its development policies and activities, as it is now clear that human rights are an essential part of the Bank`s mission.” He confirmed this by adding that “human rights can be legitimate considerations for the Bank when they have an economic impact, and it confirms the supporting role the Bank can play in helping its members meet its human rights obligations.” Previously, the Council relied on the comments of its General Counsel as a decisive interpretation of their human rights responsibility, if it had proved convenient. In this case, the House never openly discussed Daino`s legal opinion. You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before you leave, we`d like to hear from you about your experience while you were here. Will you take two minutes to complete a brief survey that will help us improve our website? There is a second important human rights recital for the Bank, which is considering updating its safeguards. The members of the Bank are states.

These states have obligations to the human rights treaties to which they are affiliated. The bank has already recognized that. In 2000, the then General Counsel made it clear in World Bank legal documents that “the Bank cannot reasonably put its members in a position where they would violate their obligations under the United Nations Charter if they accepted a measure proposed by the Bank.” Finally, under Article 103, the Charter of the United Nations has as a priority, under Article 103: “In the event of a conflict between the obligations of members of the United Nations under that Charter and their obligations under another international agreement, it is their obligations under this Charter that will prevail.” Each organization of the World Bank Group operates according to procedures established by its contractual provisions or by an equivalent government document. These documents describe the terms of membership and the general principles of organization, management and operations. b) all loan contracts define the currency or currencies in which payments are made to the Bank under the contract. However, at the borrower`s choice, these payments may be made in gold or, subject to the bank`s agreement, in the currency of a member other than the part stipulated in the contract.