Finland’s desk at the World Bank Paris and Berlin offices works to promote consensus around the international development agenda and build a platform for collaboration between the World Bank Group and Finland. 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 Finnish partners, such as organizing and supporting conferences, seminars, and other events on development-related topics. The desk serves as an entry point for groups in Finland 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 Finland and the World Bank Group through co-financing, trust funds, and joint analytical work in sectors and regions of mutual interest.
World Bank Governor
Alexander Stubb, Minister of Finance, represents Finland 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. Lenita Toivakka, Minister for Foreign Trade and Development, serves as alternate governor.
World Bank Executive Director
The governor delegates responsibility for overseeing the day-to-day business of Finland’s interests at the Bank to the executive director (ED) for Finland. 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. Finland’s ED also represents Denmark, Estonia, Norway, Iceland, Latvia, Lithuania and Sweden. Satu Santala (Finland) is the current ED representing the constituency on the 25-member World Bank Board of Executive Directors, and Sanita Bajare (Latvia) 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.
Finland holds 0.52% of shares in the International Bank for Reconstruction and Development, with 0.52% of the voting power. It has 0.64% of the voting power in the International Development Association, the World Bank’s fund for the poorest countries. It holds 0.61% of the shares and 0.61% of the voting power in the International Finance Corporation, the Bank’s private sector arm. And it has 0.60% of the shares and 0.59% of the voting power in the Multilateral Investment Guarantee Agency.
The executive director representing Finland, Denmak, Estonia, Iceland, Latvia, Lithuania, Norway, and Sweden has a 3.25% voting share on the IBRD board, a 5.40% voting share on the International Development Association board, a 3.36% share on the International Finance Corporation board, and a 3.56% share on the Multilateral Investment Guarantee Agency board.
Last Updated: Sep 10, 2015