Articles Of Agreement International Finance Corporation
In 2006, Roberto Daino, the general counsel after Ibrahim Shihata, published an internal “legal opinion on human rights and the work of the World Bank.” This legal opinion is the most advanced internal interpretation to date of the Bank`s human rights responsibility. Daino`s interpretations went far beyond what had been said previously, with conclusions such as: “The articles of the agreement permit and, in some cases, require the Bank to recognize the human rights dimensions of its development policies and activities, as it is now clear that human rights are an essential part of the Bank`s mission.” He confirmed this by adding that “human rights can be legitimate considerations for the Bank when they have an economic impact, and it confirms the supporting role the Bank can play in helping its members meet its human rights obligations.” Previously, the Council relied on the comments of its General Counsel as a decisive interpretation of their human rights responsibility, if it had proved convenient. In this case, the House never openly discussed Daino`s legal opinion. The World Bank and the International Monetary Fund were conceived in 1944 by delegates from the Bretton Woods Conference. The World Bank, then composed only of the International Bank for Reconstruction and Development, began its work in 1946. Robert L. Garner joined the World Bank in 1947 as a leader and expressed his view that private companies could play an important role in international development. In 1950, Garner and his colleagues proposed the creation of a new institution to make private investments in the less developed countries served by the World Bank. The U.S. government has encouraged the idea of an international company working with the World Bank to invest in private companies without accepting government guarantees, without managing these companies and without cooperating with third-party investors. In the 1955 description of the IFC, World Bank President Eugene R.
Black stated that IFC would only invest in private companies instead of lending to governments and would not manage the projects in which it invests.  As part of the Global Trade Finance Program, IFC guarantees payment obligations to more than 200 licensed banks in more than 80 countries to reduce risks to international transactions.  The Global Trade Finance Program provides guarantees to cover payment risks for emerging market banks for notes, exchange notes, credit securities, supply and performance bonds, supplier loans for imports of capital goods and advances.  In 2010, IFC issued $3.46 billion in more than 2,800 guarantees, more than 51% of which target IDA member countries.  In fiscal 2011, iFC issued $4.6 billion in more than 3,100 guarantees. In 2009, IFC launched a separate crisis response program, known as the Global Trade Liquidity Program, which provides liquidity for international trade between less developed countries.
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