Austria joined the International Bank for Reconstruction and Development (IBRD) — the World Bank — in August 1948. Austria is also a member of the International Development Association (IDA, which it joined in 1961), the International Finance Corporation (IFC, 1956), the Multilateral Investment Guarantee Agency (MIGA, 1997), and the International Centre for Settlement of Investment Disputes (ICSID, 1971). Together, these five institutions make up the World Bank Group.
Last Updated: Mar 25, 2022
The Austria desk at the World Bank Berlin office works to promote consensus around the international development agenda and build a platform for collaboration between the World Bank Group and Austria. 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 Austrian 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 Austria 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 Austria and the World Bank Group through co-financing, trust funds, and joint analytical work in sectors and regions of mutual interest.
The World Bank Group's presence in Vienna dates back to 2004, when the European Investor Outreach Program, an initiative of the current Vienna based office of the Investment Climate Department, was managed out of the Austrian capital. Other World Bank Group programs have followed suit, including the Centre for Financial Reporting Reform, the Financial Sector Advisory Centre, as well as the Danube Water Program and the Urban Partnership Program.
In 2013, the management of the World Bank’s program in Southeast Europe was decentralized to Vienna, allowing it to take full advantage of the proximity to client countries. From the Vienna office, the Country Director for Southeast Europe leads the management of the World Bank's lending program and analytical work in Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia, to support their economic development and preparation for eventual European Union membership. The expanded Vienna office was made possible with the kind support of the Austrian Government.
Last Updated: Mar 25, 2022
World Bank Governor
The Federal Minister of Finance represents Austria on the World Bank Board of Governors, the Bank’s senior decision-making body. The
World Bank Executive Director
The Governor Delegates responsibility for overseeing the day-to-day business of Austria’s interests at the Bank to the Executive Director (ED) for Austria. 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. Austria’s representation on the boards of IBRD, IFC, IDA, and MIGA is shared with Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, and Turkey. Hayrettin Demircan (Turkey) is the current ED representing the constituency on the 25-member World Bank Board of Executive Directors, and Nathalie Francken (Belgium) 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.
For the latest voting status, please visit the Voting Powers page.
Last Updated: Aug 31, 2022
