International financial institutions

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International financial institutions (IFIs) are financial institutions that have been established (or chartered) by more than one country, and hence are subjects of international law. Their owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. Many of these are multilateral development banks (MDB).

Contents

Types [edit]

Multilateral development bank [edit]

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A multilateral development bank (MDB) is an institution, created by a group of countries, that provides financing and professional advising for the purpose of development. MDBs have large memberships including both developed donor countries and developing borrower countries. MDBs finance projects in the form of long-term loans at market rates, very-long-term loans (also known as credits) below market rates, and through grants.

The following are usually classified as the main MDBs:

There are also several "sub-regional" multilateral development banks. Their membership typically includes only borrowing nations. The banks lend to their members, borrowing from the international capital markets. Because there is effectively shared responsibility for repayment, the banks can often borrow more cheaply than could any one member nation. These banks include:

There are also several multilateral financial institutions (MFIs). MFIs are similar to MDBs but they are sometimes separated since they have more limited memberships and often focus on financing certain types of projects.

Bretton Woods institutions [edit]

Main article: Bretton Woods system

The best-known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system . They include the World Bank, the IMF, and the International Finance Corporation. Today the largest IFI in the world is the European Investment Bank which leant 61 billion euros to global projects in 2011.

Founded Name www Address Notes HQ
1944 IMF International Monetary Fund http://www.imf.org Specialised agency of the UN Washington (District of Columbia)
1944 IBRD International Bank for Reconstruction and Development http://www.worldbank.org World Bank Group, Specialised agency of the UN Washington (District of Columbia)
1956 IFC International Finance Corporation http://www.ifc.org World Bank Group Washington DC
1960 IDA International Development Association http://www.worldbank.org/ida World Bank Group Washington DC
1966 ICSID, International Centre for Settlement of Investment Disputes http://icsid.worldbank.org/ICSID/Index.jsp World Bank Group Washington DC
1988 MIGA Multilateral Investment Guarantee Agency http://www.miga.org World Bank Group Washington DC
30/10/47 GATT General agreement on tariffs and trade, basis for the creation of World Trade Organization (WTO) in 1995 http://www.wto.org/english/docs_e/legal_e/06-gatt_e.htm http://wto.org The GATT is not an organisation. The WTO is not a United Nations agency Geneva for the WTO

Regional development banks [edit]

The regional development banks consist of several regional institutions that have functions similar to the World Bank group's activities, but with particular focus on a specific region. Shareholders usually consist of the regional countries plus the major donor countries. The best-known of these regional banks cover regions that roughly correspond to United Nations regional groupings, including the Inter-American Development Bank, the Asian Development Bank; the African Development Bank; and the European Bank for Reconstruction and Development.

Founded Name www Address Notes HQ
1959 IDB Interamerican Development Bank http://www.IADB.org Works in the Americas, but primarily for development in Latin America and the Caribbean Washington
1964 AFDB African Development Bank http://www.afdb.org Africa Abidjan
1966 ADB Asian Development Bank http://www.adb.org Asia Manilla
29/5/91 EBRD European Bank for Reconstruction and Development http://www.ebrd.com London
16/4/56 CEB Council of Europe Development Bank http://www.coebank.org Coordinated organisation Paris
14/11/73 BOAD Banque ouest-africaine de développement West African Development Bank http://www.boad.org Union économique et monétaire ouest-africaine, Cf.BCEAO Banque centrale des États de l'Afrique de l'Ouest Dakar?
1975 BDEAC Banque de développement des États de l'Afrique Centrale, DBCAS Development Bank of Central African States http://www.bdeac.org Communauté économique et monétaire de l'Afrique centrale (CEMAC), Cf. BEAC Banque des États de l’Afrique centrale Brazzaville, Congo

Bilateral development banks and agencies [edit]

Bilateral development banks are financial institutions set up by individual countries to finance development projects in developing countries and emerging markets. Examples include:

Other regional financial institutions [edit]

Several regional groupings of countries have established international financial institutions to finance various projects or activities in areas of mutual interest.

Founded Name www Address Notes HQ
1998 ECB European Central Bank http://www.ecb.int Frankfurt am Main
1958 EIB European Investment Bank http://www.eib.org Created by European Union member states to provide long-term finance, mainly in the EU Luxembourg
17/5/1930 BRI Banque des règlements internationaux / BIS Bank of International Settlements http://www.bis.org The bank of central banks Bâle
Central African Central Banks Association, Association des Banques Centrales Africaines (ABCA)
24/1/97 BSTDB Black Sea Trade and Development Bank http://bstdb.com Governed by United Nations registered treaty - Region covered corresponds to the Organization of the Black Sea Economic Cooperation
10/7/70 International Investment Bank of Comecon established by the countries of the former Soviet Union and Eastern Europe[3] Moscow
1975 Islamic Development Bank http://www.isdb.org established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973 Jeddah, Saudi Arabia
NIB Nordic Investment Bank[4] http://www.nib.int The NIB has lending operations in its member countries and in emerging markets on all continents.[5] Helsinki, Finland

See also [edit]

Portal icon Sustainable development portal

References [edit]

  1. ^ http://www.fmo.nl/smartsite.dws?id=46 Official website
  2. ^ http://www.deginvest.de/EN_Home/index.jsp Official website of DEG
  3. ^ http://www.jstor.org/pss/27748299
  4. ^ http://www.nib.int
  5. ^ http://www.nib.int/about_nib
 This article has an unclear citation style. The references used may be made clearer with a different or consistent style of citation, footnoting, or external linking. (May 2012)
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