WASHINGTON, April 12, 2016 – The World Bank today welcomed its newest member, the Republic of Nauru.
The Pacific Island nation became the 189th country to join the World Bank Group, after Nauru’s Minister for Finance, Sustainable Development and Justice David Adeang formally signed articles of agreement of the International Bank for Reconstruction and Development.
With a population of about 10,000 and a land area of 21 square kilometers, Nauru is the smallest state in the South Pacific. It is the World Bank’s smallest member by land mass.
Nauru faces challenges in sustaining growth and ensuring fiscal and debt sustainability over the medium term – challenges faced by many of the nation’s Pacific Island neighbors.
World Bank membership will enable the Government of Nauru to access World Bank technical assistance– including areas in which the World Bank has expertise in the Pacific, such as water and sanitation, public financial management, transport and disaster risk management. Nauru is also eligible for financial support from World Bank-administered trust funds.
About the World Bank Group
The World Bank Group (WBG) is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC), the Bank’s private sector arm; the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, www.ifc.org, and https://icsid.worldbank.org/apps/ICSIDWEB/Pages/default.aspx.