World Bank Governor
Kostas Hatzidakis, Minister of Development, Competitiveness, Infrastructure, Transport and Networks, represents Greece 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. Panagiotis Mitarachi, Deputy Minister, Ministry of Development, Competitiveness, Infrastructure, Transport and Networks, serves as Alternate Governor.
World Bank Executive Director
The Governor delegates responsibility for overseeing the day-to-day business of Greece’s interests at the Bank to the executive Director (ED) for Greece. 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. Greece's Executive Director also represents Albania, Italy, Portugal, San Marino, Timor-Leste, and Malta. Piero Cipollone (Italy) is the current ED representing Greece on the 25-member World Bank Board of Executive Directors, and Nuno Mota Pinto (Portugal) 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.
Greece holds 0.09% of shares in the International Bank for Reconstruction and Development, with 0.11% of the voting power. It has 0.23% of the voting power in the International Development Association, the World Bank’s fund for the poorest countries. It holds 0.29% of the shares and 0.30% of the voting power in the International Finance Corporation, the Bank’s private sector arm. And it has 0.28% of the shares and 0.33% of the voting power in the Multilateral Investment Guarantee Agency.
The Executive Director representing Greece, Albania, Italy, Portugal, San Marino, and Timor-Leste has a 3.11% voting share on the IBRD board, a 3.34% voting share on the International Development Association board (with the exception of Malta and San Marino), a 4.13% share on the International Finance Corporation board (with the exception of San Marino), and a 3.59 % share on the Multilateral Investment Guarantee Agency board (with the exception of San Marino).
For the latest voting status, please visit the Voting Powers page.
For information on Greece’s aid flows as a donor, please visit the Aid Flows Greece donor page.
Last Updated: August 28, 2013