The World Bank In Canada

The World Bank Group And Canada
Canada advances its ideals of stability, sustainable prosperity, and economic inclusion through its partnership with the World Bank Group. Since 1945, Canada and the Bank Group have worked together to end poverty and create a world based on sustainable development.

SUMMARY

Canada serves as a global model for stability, sustainable prosperity, and economic inclusion, and advances these ideals through its strong and longstanding partnership with the World Bank Group. Since 1945, Canada and the World Bank Group have worked together, with other member governments, to finance projects, design policies, and deliver programs to end poverty and create a world based on the principles of sustainable development.

The World Bank Group benefits from having among its leading members a country that has long been a strong proponent of multilateralism. Enshrining that concept as the foundation of the international order has been a hallmark of Canada's foreign policy since the end of World War II.

For Canada, membership in the world's premier multilateral development financing institution enables it to leverage not only its funds, but also its knowledge and capabilities for greater impact on poverty reduction and sustainable development worldwide. For its part, the World Bank Group recognizes Canada not only as a significant financial contributor but also as a steadfast partner in the effort to achieve its goals of ending extreme poverty and boosting shared prosperity.

Canada is a founding member of the World Bank and plays an important role in influencing its development priorities.  The International Bank for Reconstruction and Development (IBRD) was established in 1944.  Canada has a long history of generously supporting the World Bank Group’s mission and has been a generous supporter of the International Development Association (IDA), which provides low interest loans and grants to the world’s poorest countries. 

Last Updated: Dec 15, 2021

Canada is a valued, active partner of the World Bank Group (WBG), through its thought leadership as well as its financial support.  Working with the WBG enables Canada to leverage not only its funds, but also its knowledge and capabilities to help end extreme poverty, boost shared prosperity, and support sustainable development.  This partnership is generating results that improve lives in low and middle-income countries around the world.  In close partnership with Canada, the World Bank Group has provided extensive support to small island developing states and other vulnerable states. Canada supports the Bank Group’s efforts to counter instability and promote security and a cleaner, healthier world.

Canada is a leading member and valued partner of the International Development Association (IDA), the World Bank’s fund for the poorest countries. 

Canada's priorities at the Bank include promoting gender equality; addressing the health, social and economic impacts of COVID-19; tackling climate change and fostering green growth; advocating for the particular needs of small island developing states; and addressing the needs of the most vulnerable, including women and girls.   

Among the trust funds Canada supports:

·      Canada Clean Energy and Forest Climate Facility Trust Fund

·      Global Financing Facility for Women, Children and Adolescents

·      Afghanistan Reconstruction Trust Fund

·      Global Environment Facility

·      Global Partnership for Education Fund

·      Global Fund for AIDS, Tuberculosis, and Malaria

·      Canada Blended Climate Finance Program

Last Updated: Dec 15, 2021

Governor

Canada’s Minister of Finance, the Hon. Chrystia Freeland, is Canada’s governor for the World Bank and is responsible for the management of Canada’s interests in the institution. The minister exercises her influence by exchanging views with fellow governors at the annual and spring meetings of the Board of Governors and of the Development Committee, as well as by engaging in direct discussions with the president of the World Bank.

Executive Director

The governor delegates day-to-day handling of Canada’s diverse interests at the Bank to the executive director for Canada. Executive directors reside in Washington and meet regularly throughout the year (normally at least twice a week) to review and act on lending operations, new policy directions, and financial matters. In keeping with the World Bank’s information disclosure policy, the monthly Board Calendar is a public document. 

At the Board level, Canada is responsible for its own interests and those of Ireland and 11 other Commonwealth countries. The Canadian executive director is elected to the Board by the governments of Canada, Ireland, and the Caribbean-region countries of Antigua & Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts & Nevis, St. Lucia, and St. Vincent & the Grenadines. 

The Canadian executive director is supported in his or her functions by an alternate executive director from one of the Caribbean members of the constituency.

Canada’s Department of Finance coordinates input from Global Affairs Canada and channels Canada’s unified policy advice through the executive director to the World Bank’s senior management.

Shares and Voting Powers

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 on Canada’s voting powers, visit the Voting Powers page.

Last Updated: Dec 15, 2021