Contact
Massimiliano Paolucci, Senior International Affairs Officer and Head of Office

World Bank External Affairs, Rome
Via Labicana, 110
00184 Rome, Italy
+39 06 7771 0204
mpaolucci@worldbankgroup.org

Dirk Reinermann, Program Manager

Office of the Vice-President, ECA, Washington, D.C.
+1 202 390 6609
dreinermann@worldbank.org

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Greece Overview

Greece became a member of the five institutions that form the World Bank Group in December 1945. It was among the first countries to get a loan to help rebuild the economy after World War II. Today, Greece is a member of the five institutions that form the World Bank Group. The World Bank Group finances projects, designs policies, and delivers programs to end poverty in the developing world.

The daily relations between the Greek government and the World Bank are ensured through an External Relations office based in Rome and the Office of the Vice President for the World Bank's Europe and Central Asia Department.

The Greece desk at the World Bank Rome office works to promote consensus around the international development agenda and build a platform for collaboration between the World Bank Group and Greece. 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 Greek 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 Greece 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 Greece and the World Bank Group through co-financing, trust funds, and joint analytical work in sectors and regions of mutual interest.

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

Around The Bank Group

Find out what the Bank Group's branches are doing in Greece.