Press Release No. 3
BOARDS OF GOVERNORS 2004 ANNUAL MEETINGS WASHINGTON, D.C.
INTERNATIONAL MONETARY FUND
WORLD BANK GROUP
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL FINANCE CORPORATION
INTERNATIONAL DEVELOPMENT ASSOCIATION
INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES
MULTILATERAL INVESTMENT GUARANTEE AGENCY
October 3, 2004
Address by JAMES D. WOLFENSOHN,
President of the World Bank Group,
to the Board of Governors of the World Bank Group,
at the Joint Annual Discussion
Securing the 21st Century
James D. Wolfensohn
2004 Annual Meetings
Sunday, October 3, 2004
Mr. Chairman, Governors, distinguished guests.
Let me warmly welcome you to these Annual Meetings in the 60th year after the
founding of the Bretton Woods institutions.
I salute my new colleague Rodrigo de Rato as Managing Director of the IMF. We
have already begun to work closely together and I have come quickly to appreciate his
experience and judgment. My colleagues and I would like also to congratulate my friend
Horst Koehler on his appointment as President of Germany, and thank him for his
significant contribution to the work of our two institutions.
The World Bank Group has a long and proud history. We contributed to global
reconstruction after World War II before taking on our new role seeking to reduce
poverty throughout the world. We have been an agent for growth with equity.
With only $11 billion contributed from shareholders to the IBRD, we have made
almost $400 billion in loans. The IFC, founded in 1956, has brought $67 billion into the
emerging markets. MIGA has issued $13.5 billion in guarantees. ICSID, meanwhile, has
registered 159 cases where it has helped settle disputes.
On the strength of donor contributions and reflows from borrowers, IDA has
committed $151 billion. The countries eligible for IDA are home to 80 percent of the
world’s poorest people who live on $1 a day. IDA is a truly rema