World Bank Articles Of Agreement

(a) Each member designates his central bank as the custodian of all the Bank`s assets in its currency or, if it does not have a central bank, the other institution that is acceptable to the Bank. 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, under Article 103 of the Charter of the United Nations, 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 their obligations under another international agreement, it is their obligations under this Charter. , or between the bank and a member during the permanent suspension of the bank, this disagreement is submitted by an arbitral tribunal with three arbitrators appointed by the bank, another by the country concerned and an arbitrator, to whom, unless otherwise stated by the parties, it is subject to an arbitration tribunal. , is appointed by the President of the Permanent Court of International Justice or by any other authority imposed by the Bank`s regulation. The arbitrator has full authority to resolve a procedural issue in all cases where the parties do not agree on this issue. b) all loan contracts define the currency or currencies in which payments are made to the Bank under the contract. 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 Before you leave, we`d like to hear from you about your experience while you were here. Will you take two minutes to complete a brief survey that will help us improve our website? 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.