Overview

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Austria joined the International Bank for Reconstruction and Development (IBRD) — the World Bank — in August 1948. Austria is also a member of the International Development Association (IDA, which it joined in 1961), the International Finance Corporation (IFC, 1956), the Multilateral Investment Guarantee Agency (MIGA, 1997), and the International Centre for Settlement of Investment Disputes (ICSID, 1971). Together, these five institutions make up the World Bank Group.  

 

The External and Corporate Relations Austria desk at the World Bank Berlin office works to promote consensus around the international development agenda and build a platform for collaboration between the World Bank Group and Austria. It does this by promoting better understanding of the World Bank Group’s mission and activities and by building relationships with key stakeholders such as government, legislators, civil society organizations, the private sector, academia, and the media.

It also supports outreach activities, often in collaboration with Austrian partners, such as organizing and supporting conferences, seminars, and other events on development-related topics. The office serves as an entry point for groups in Austria wishing to contact World Bank staff across the world or access the plethora of information the Bank publishes, and it responds to media queries. It also seeks to increase opportunities for collaboration between Austria and the World Bank Group through co-financing, trust funds, and joint analytical work in sectors and regions of mutual interest.

The World Bank Group's presence in Vienna dates back to 2004, when the European Investor Outreach Program, an initiative of the current Vienna based office of the Investment Climate Department, was managed out of the Austrian capital. Other World Bank Group programs have followed suit, including the Centre for Financial Reporting Reform, the Financial Sector Advisory Centre, as well as the Danube Water Program and the Urban Partnership Program.

In 2013, the management of the World Bank’s program in Southeast Europe was decentralized to Vienna, allowing it to take full advantage of the proximity to client countries. From the Vienna office, the Country Director for Southeast Europe leads the management of the World Bank's lending program and analytical work in AlbaniaBosnia and HerzegovinaKosovoFYR MacedoniaMontenegro, and Serbia, to support their economic development and preparation for eventual European Union membership. The expanded Vienna office was made possible with the kind support of the Austrian Government.


World Bank Governor

Federal Minister of Finance Dr. Hans Jörg Schelling represents Austria on the World Bank Board of Governors, the Bank’s senior decision-making body. The governors, usually ministers of finance or development, meet twice a year. They have the power to admit and suspend members of the World Bank Group, increase or decrease the authorized capital stock, determine the distribution of the net income of the Bank, and decide on the World Bank Group’s overall strategic direction. Edith Frauwallner, deputy director general, Federal Ministry of Finance, serves as alternate governor.

World Bank Executive Director

The governor delegates responsibility for overseeing the day-to-day business of Austria’s interests at the Bank to the executive director (ED) for Austria. EDs reside in Washington and normally meet twice a week to decide on borrowing and financial questions, projects, and policies that impact World Bank Group general operations. Austria’s representation on the boards of IBRD, IFC, IDA, and MIGA is shared with Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, and Turkey. is Mr. Franciscus Godts (Belgium) is the current ED representing the constituency on the 25-member World Bank Board of Executive Directors, and Ms. Gulsum Yazganarikan (Turkey) is the alternate executive director.

Shares and Voting Power

The World Bank Group has a weighted system of voting. All members of the Bank receive votes consisting of share votes (one vote for each share of the Bank's capital stock held by the member) plus basic votes (calculated so that the sum of all basic votes is equal to 5.55% of the sum of basic votes and share votes for all members). The voting power distribution differs from agency to agency within the World Bank Group.

Austria holds 0.68% of shares in the International Bank for Reconstruction and Development, with 0.67% of the voting power. It has 0.79% of the voting power in the International Development Association, the World Bank’s fund for the poorest countries. It holds 0.82% of the shares and 0.81% of the voting power in the International Finance Corporation, the Bank’s private sector arm. And it has 0.76% of the shares and 0.73% of the voting power in the Multilateral Investment Guarantee Agency.

The executive director representing Austria, Belgium, Belarus, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, and Turkey has a 5.08% voting share on the IBRD board, a 5.01% share on the International Finance Corporation board, and 5.04 % share on the Multilateral Investment Guarantee Agency board, and a 4.69% voting share on the International Development Association board.

For the latest voting status, please visit the Voting Powers page.

For information on Austria’s aid flows as a donor, please visit the Aid Flows Austria donor page. 

 

Last Updated: May 11, 2015