The World Bank Group - WBG

The World Bank Group is a family of five international organizations.

The first two are sometimes collectively referred to as the World Bank:

  1. International Bank for Reconstruction and Development (IBRD)
  2. International Development Association (IDA).

The other three organizations are:

  1. International Finance Corporation (IFC)
  2. Multilateral Investment Guarantee Agency (MIGA)
  3. International Centre for Settlement of Investment Disputes (ICSID).

The World Bank (IBRD - the International Bank for Reconstruction and Development) is an international financial institutions focused on development projects financing through loans and development assistance for public and private sectors in developing countries. The IBRD is owned by 189 member countries. Slovakia became its member in 1993.


The Slovak Republic and the WBG 

Ministry of Finance on behalf of the Slovak Republic executes its shareholding rights resulting from its membership in the IBRD. Since 1993 until 2008 Slovakia borrowed funds and benefited from technical assistance relating to health care system modernisation, banking sector restructuring, public finance management reform, social benefits administration reform. In 2008 Slovakia graduated from the World Bank's operations and became donor of development assistance.

The current effort of the Ministry of Finance is focused on better involvement of the Slovak private sector to development projects financed by the IBRD and IFC through technical assistance and investment projects. The IFC executed mapping in Slovakia, identifying client prospects among Slovak companies and their potential for better involvement in development cooperation. EXIMBANKA SR was designated as the Private Sector Liaison Officer (PSLO). The role of the PSLO includes: facilitating local companies’ contact with the WBG and access to WBG business opportunities; acting as the voice of their national private sector in advising the WBG on how to better engage companies on development issues; and disseminating WBG knowledge and research of interest to the private sector. Ministry of Finance prepared the User Manual for the IFC products for Slovak companies to help them to understand what the IFC can offer (available only in Slovak).

Contact:

Karsten Fuelster
Country Manager and Head of Business Development
for Austria, Hungary, Czech Repubic and Slovakia
Praterstrasse 31, Vienna, 1020, Austria
T: +43 121 70798       
kfuelster@ifc.org
www.ifc.org

Ing. Silvia Gavorníková
Head of International Relations
EXIMBANKA SR 
Grösslingová 1
813 50 Bratislava 1
T: +421/2/59 39 84 08
gavornikova@eximbanka.sk
www.eximbanka.sk

Slovakia also regularly contributes resources through Ministry of Finance every three years to support responses to development challenges in the poorest countries in the global world in cooperation with the IDA. Working together with IDA aims to end extreme poverty, to boost shared prosperity and to progress with implementation of the 2030 Sustainable Development Goals. Slovak experts, companies and Civil Society Organizations have acquired valuable experiences during periods of economic and social transformation from planned to market economy. IDA can channel this experience to contribute to the development needs of IDA countries, in particular in building accountable institutions and good governance systems, especially in the area of public financial management.

The Governor for Slovakia in the Board of Governors, the highest decision-making body, is the Minister of Finance. The Vice Governor of the National Bank of Slovakia, was appointed as Alternate Governor. Slovakia is represented by the Executive Director in the Executive Board of the IBRD, the executive body, and belongs to the Constituency where Slovakia has its representative.

Slovakia and IBRD: www.worldbank.org/en/country/eu
Constituency: www.worldbank.org/en/about/leadership/directors/eds10
Governing Bodies: www.worldbank.org/en/about/leadership

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