World Bank Article Of Agreement

The internal initiative to further integrate human rights into world bank recitals comes before the main thought on the types of activities the World Bank can carry out in accordance with its articles. The International Bank for Reconstruction and Development (IBRD) was the first institution of a group of financial institutions now known as the World Bank Group (WBG). After its creation at Bretton Woods in 1944, the IBRD was subject to its statutes by an agreement signed by the United Nations General Assembly in November 1947. Other WBG institutions have been developed in the same way, and from this origin, the WBG has looked beyond these articles without any direct legal responsibility – not to the UN Charter, from which it originates, nor to other areas of international law. From this point of view, it is only an interpretation of the importance of the statutes. The World Bank Board of Directors is responsible for interpreting the importance of these documents, which are rather vague, and the Board of Directors has relied on General Counsel to make important interpretations – and therefore on the justifications for progressive measures. There is a second important human rights recital for the Bank, which is considering updating its safeguards. The members of the Bank are states. These states have obligations to the human rights treaties to which they are affiliated. The bank has already recognized that. In 2000, the then General Counsel made it clear in World Bank legal documents that “the Bank cannot reasonably put its members in a position where they would violate their obligations under the United Nations Charter if they accepted a measure proposed by the Bank.” Finally, in this situation, under Article 103, the Charter of the United Nations has priority: “In the event of a conflict between the obligations of members of the United Nations under this Charter and those under another international agreement, they are responsible for their obligations under this Charter. However, at the borrower`s choice, these payments may be made in gold or, subject to the bank`s agreement, in the currency of a member other than the part stipulated in the contract. You clicked on a link to a page that is not part of the beta version of the new worldbank.org.

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