Luxembourg is a founding member of the International Bank for Reconstruction and Development (IBRD) . Today, the country is a member of the five institutions that form the World Bank Group, including the International Development Association (since 1964), the International Finance Corporation (1956), the Multilateral Investment Guarantee Agency (1991) and the International Centre for Settlement of Investment Disputes (1970).
Luxembourg’s desk at the World Bank Brussels office works to promote consensus around the international development agenda and build a platform for collaboration between the World Bank Group and Luxembourg. 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 partners in Luxembourg, such as organizing and supporting conferences, seminars, and other events on development-related topics. The office serves as an entry point for groups in Luxembourg 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 Luxembourg and the World Bank Group through co-financing, trust funds, and joint analytical work in sectors and regions of mutual interest.
Luc Frieden,Minister of Finance, represents Luxembourg 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. Arsène Joseph Jacoby,Head of Multilateral Development at the Ministry of Finance is the Alternate Governor.
World Bank Executive Director
The Governor delegates responsibility to the Executive Director (ED) for Luxembourg. EDs reside in Washington and normally meet twice a week for overseeing the day-to-day business of Luxembourg’s interests at the Bank to decide on borrowing and financial questions, projects, and policies that impact World ank Group general operations. Luxembourg’s ED also represents Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, and Turkey. Gino Alzetta (Belgium) is the current ED representing the constituency on the 25-member World Bank Board of Executive Directors and 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.