The International Bank for Reconstruction and Development (Bank)

The Articles of Agreement establishing the International Bank for Reconstruction and Development were drawn up at the United Nations Monetary and Financial Conference, which met at Bretton Woods, New Hampshire, in July 1944, at the invitation of the United States Government. The Bank came into existence on 27 December 1945 when its Articles of Agreement had been signed by 29 Governments. At the inaugural meeting of the Bank’s Board of Governors, held at Savannah, Georgia, in March 1946, the first Executive Directors were elected, and the Bank officially began operations in Washington on 25 June 1946. The first annual meeting of the Board of Governors was held in Washington from 27 September to 3 October 1946; the second annual meeting in London in September 1947. One of the decisions of the second meeting was the approval of a draft agreement to establish the relationship between the Bank and the United Nations. The Agreement came into force on 15 November 1947, when it was approved by the General Assembly of the United Nations. The third and fourth annual meetings were held in Washington in September 1948 and 1949, respectively.

Related Subject(s): United Nations
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