Financial Results - Overview
IBRD The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries. IBRD is the original World Bank institution. It works closely with the rest of the World Bank Group to help developing countries reduce poverty, promote economic growth, and build prosperity.
IDA The International Development Association (IDA) provides interest-free loans — called credits — and grants to governments of the poorest countries. IDA complements the World Bank’s original lending arm—the International Bank for Reconstruction and Development (IBRD). IBRD and IDA share the same staff and headquarters and evaluate projects with the same rigorous standards.
IFC The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
MIGA The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfils this mandate by offering political risk insurance and credit enhancement products to investors and lenders.
Annually, management asserts on the effectiveness of internal controls over financial reporting, which is integrated with the audit of the combined financial statements of all modified cash basis trust funds administered by the World Bank Group (collectively referred to as the "Single Audit").
INTEGRATED REPORTING: Integrated Reporting aims to improve the quality of information available to providers of financial capital and support integrated thinking, decision-making and actions that focus on the creation of value over the short, medium and long term. The World Bank Group is in the early stage of implementation of the framework as promulgated by the International Integrated Reporting Council (IIRC).
Read the article: Integrated Reporting as a catalyst for long-term financial sustainability
It provides a brief insight into the WBG’s journey, and what it hopes to achieve through the implementation of this framework.
PUBLIC FINANCIAL DISCLOSURE: The World Bank Group has a financial disclosure program to ensure that any conflicts of interest can be identified and managed in the best interests of the Bank Group.“Public trust and confidence are invaluable assets for governments and institutions. The World Bank Group is already active in promoting transparency in public finances and strengthening governance. This is an increasingly important area of engagement because it drives confidence and decision making among investors, businesses, and households.”
Jim Yong Kim, President
The World Bank Group has a declaration of interests program to ensure that any actual, potential, or apparent conflicts of interest arising from staff members’ financial interests, business relationships, other private affiliations or outside activities, or those of their immediate family members, can be identified and managed in the best interests of the Bank Group. Staff members are required to complete and submit a confidential declaration of interests on an annual basis. The Bank Group’s Office of Ethics and Business Conduct administers the program in accordance with Principle 3 under the Principles of Staff Employment and Staff Rule 3.03, Financial Interest and Disclosure.
In the spirit and interest of good organizational governance and transparency, the declaration of interests program for the Bank Group’s Senior Management Team and Vice Presidents includes public disclosure of certain types of financial and other interests. Public disclosure of this information helps demonstrate to the Bank Group’s stakeholders that, in the discharge of their official duties and responsibilities, the Bank Group’s senior leaders are not, and do not appear to be, influenced by any consideration associated with their own private interests. The public declarations for the Bank Group’s senior leaders during calendar year 2014 are accessible below.Read More
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