World Bank Governor
Minister of Economy and Competitiveness Luis de Guindos Jurado represents Spain 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. Secretary of State for Economic and Business Affairs Iñigo Fernández de Mesa serves as Spain’s alternate governor.
World Bank Executive Director
The governor delegates responsibility for overseeing the day-to-day business of Spain’s interests at the Bank to the executive director (ED) for Venezuela. 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. Venezuela's executive director also represents Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Venezuela. Jose Alejandro Rojas Ramirez is the current ED for Venezuela on the 25-member World Bank Board of Executive Directors.
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.
Spain holds 1.77% of shares in the International Bank for Reconstruction and Development, with 1.7% of the voting power. It has a 1.54% share on the International Finance Corporation board, with 1.49% of the voting power. It holds a 1.28% share and 1.14% of the voting power in the Multilateral Investment Guarantee Agency and a 0.91% voting share on the International Development Association.
The executive director representing Mexico, Spain, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, has a 4.18% voting share on the IBRD board, a 3.48% share on the Multilateral Investment Guarantee Agency board, and a 2.44% share on the International Development Association board. On the International Finance Corporation board, the ED represents the same countries with the exception of Venezuela and has a 4% voting share.
For the latest voting status, please visit the Voting Powers page.
For information on Spain’s aid flows as a donor, please visit the Aid Flows Spain (PDF) page.
Last Updated: Jul 02, 2013