September 18, 2014 2:26 PM ET

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Company Overview of The World Bank Group

Company Overview

The World Bank Group provides financial and technical assistance services for the developing countries worldwide. It offers low-interest loans, interest-free credits, and grants for education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. The company also provides loans and credits; analytic and advisory services, such as poverty assessments, public expenditure reviews, country economic reports, sector reports, and capacity building; advisory services, including foreign investment advisory, private sector liaison officers network, investment promotion advisory, and treasury client servi...

1818 H Street NW

Washington, DC 20433

United States

Founded in 1944

Phone:

202-473-1000

Fax:

202-477-6391

Key Executives for The World Bank Group

President
Age: 54
Chief Financial Officer and Managing Director for Finance
Age: 46
Director of Operations and Strategy
Executive Vice President and Chief Executive Officer of International Finance Corporation
Age: 66
Chief Information Officer and Vice President of Information Solutions Group
Compensation as of Fiscal Year 2014.

The World Bank Group Key Developments

World Bank Appoints Subash Chandra Garg as Executive Director

Senior IAS officer Subash Chandra Garg was appointed as Executive Director in World Bank. Garg, a 1983-batch IAS officer of Rajasthan cadre, will have a tenure of three years from the date of assuming charge of the post. The Executive Directors are responsible for the conduct of the general operations of the bank and exercise all the powers delegated to them by the Boards of Governors.

World Bank Appoints Carlos Pinerua as Country Manager for Croatia and Slovenia

Mr. Carlos Pinerua has been appointed as the new World Bank Country Manager for Croatia and Slovenia. Mr. Pinerua, a Venezuelan national, brings years of managerial experience and vast country experience – spanning from Central and South America to Central Asia and the Middle East to his new position. Most recently, Mr. Pinerua was the bank's Country Coordinator for Private and Financial Sector Development Issues in Indonesia, overseeing the bank's large advisory services team in this area. He also brings more than fifteen years of experience with the International Monetary Fund, where he served as Mission Chief and Advisor, coordinating technical assistance services to nearly 30 countries in the Middle East and Central Asia Department. In Croatia, Mr. Pinerua's main responsibility will be to manage the World Bank Group's support to Croatia, as outlined in the Croatia Country Partnership Strategy - covering the period of July 2013 - June 2017 and focusing on three key thematic areas. These areas include: providing assistance in improving public finances by supporting fiscal consolidation to speed up sustained growth - with an emphasis on expenditure rationalization to ensure fiscal sustainability over the medium-term; helping Croatia boost its competitiveness, centering on needed structural, institutional, and governance reforms, so that Croatia can catch up with its EU peers; and assisting Croatia in maximizing the economic benefits of becoming an EU member state by increasing the country's capacity to implement harmonized policies, absorb the large increase in EU Funds, and help use these resources effectively. In Slovenia, Mr. Pinerua will focus on developing an advisory services program upon the formation of the new Slovenian government.

World Bank Signs USD 25 Million Grant for African Union Commission to Boost Support for Economic Transformation in Africa

The World Bank Group and the African Union Commission (AUC) signed an International Development Association (IDA) grant of USD 25 million to support capacity development of the AUC and other African Union organs. The funding for the Support for Capacity Development of the AUC and other African Union Organs Project will strengthen the AUC's capacity to facilitate economic development and transformation by improving institutional efficiency. The project focuses on internal staffing and management systems, supporting external partnerships and programs to strengthen regional economic development initiatives in regional trade, energy, infrastructure, governance and natural resource management benefiting African Union member states and their people. The project will assist the AU Commission to implement its Strategic Plan 2014-17 and Agenda 2063, its road map for African development over the next 50 years which calls for regional economic transformation by encouraging the participation of all stakeholders including the AU's Member States, Organs, and Permanent Representatives Committee (PRC); as well as Regional Economic Communities (RECs), the private sector, civil society, media, development partners, African diaspora and citizens.

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