World Bank Governor
Ignazio Visco, the governor of the Central Bank of Italy, represents Italy 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. The governors 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. Carlo Monticelli, head of International Financial Relations, Treasury Department in the Italian Ministry of Finance, serves as Italy’s alternate governor.
World Bank Executive Director
The governor delegates responsibility for overseeing the day-to-day business of Italy’s interests at the Bank to the executive director (ED) for Italy. 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. Italy's executive director also represents Albania, Greece, Portugal, San Marino, Timor-Leste, and Malta. Piero Cipollone is the current ED for Italy on the 25-member World Bank Board of Executive Directors, and Nuno Mota Pinto of 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.
Italy holds 2.63% of shares in the International Bank for Reconstruction and Development, with 2.52% of the voting power. It has a 3.39% share on the International Finance Corporation board, with 3.23% of the voting power. It holds a 2.81% share and 2.38% of the voting power on the Multilateral Investment Guarantee Agency board. Italy has a 2.18% voting share on the International Development Association board.
Italy’s executive director, representing Albania, Greece, Italy, Portugal, Timor-Leste, and Malta, has a 3.24% voting share on the IBRD board, a 4.13% share on the International Finance Corporation board, and 3.59% share on the Multilateral Investment Guarantee Agency board. Italy’s 3.11% voting share on the International Development Association board also covers Albania, Greece, Portugal, and Timor-Leste.
For the latest voting status, please visit the Voting Powers page.
For information on Italy’s aid flows as a donor, please visit the Aid Flows Italy (PDF) page.
Last Updated: Jun 28, 2013