Part II: How Does the Disinvestment Campaign work?

2. What each branch of the World Bank Group is doing

What commonly is referred to as the "World Bank" is made up of two institutions, owned by 184 member countries:
— The International Bank for Reconstruction and Development (IBRD) and
— The International Development Association (IDA) The IBRD focuses on middle income countries (such as Brazil, India, Bulgaria), while the IDA provides funding to the poorest countries in the world (such as Bangladesh, Sudan, Ethiopia). Together the two institutions give low-interest rate loans and interest-free credit to developing countries for public administration improvements, large-scale infrastructure, education, health and various other purposes. (2)

The World Bank Group, however, consists of the following five institutions: — IBRD — IDA — The International Finance Corporation (IFC) — The Multilateral Investment Guarantee Agency (MIGA) — The International Center for Settlement of Investment Disputes (ICSID)

The IFC aims to reduce poverty and improve people's lives by promoting private sector investment in developing countries.(3) Established in 1956, the IFC claims to be the largest multilateral source of loan and equity financing for corporations, private banks and funds investing in the developing world. (4)
The MIGA promotes foreign direct investment (FDI) in developing countries as a tool for stimulating economic growth and reducing poverty. It provides political risk insurance and technical assistance to companies investing in developing countries. The ICSID is chaired by the WB President and provides arbitration in disputes between member countries and investors who are nationals of other member countries. (5)

3. How each branch of the World Bank Group is Financed

What is a World Bank Bond?
A bond is a loan agreement by which a borrower agrees to pay the bondholder a certain amount of money at a certain time in the future. The buyer of the bond is essentially lending money to the issuer. Thus World Bank bonds are loans through which the World Bank gets the cash it needs, while the lenders (public and private investors) earn interest.
The term of any bond is fixed at the time of its issue and it can range from a year to 30 years, or even more. The World Bank repays the entire sum of the bond at maturity date and makes regular interest payments to the bondholders. Usually, if the term of a bond is longer, the returns are likely to be higher. Governments and corporations are the world's largest issuers of bonds.

THE IBRD

The IBRD, with 222 billion USD in assets in 2005, presents itself as "one of the largest and most frequent international bond issuers in the world, with hundreds of transactions per year". (6) Since issuing its first bonds in 1947, the IBRD has diligently diversified its debt products , getting into new markets for issuance and increasing the number of investors around the world.
All loans the Bank gives to developing countries are financed by money borrowed from capital markets . The bulk of the $400 billion IBRD has lent to middle-income developing countries was financed by investors who have bought IBRD bonds. To get an idea who these investors are see part 4, step 4. (7)
Bonds issued by the World Bank are triple A rated by independent agencies evaluating bonds performance such as Moody's and S&P . This implies that the Bank will return the borrowed funds with almost 100% certainty and will easily and quickly raise money from the financial markets. The high rating of IBRD bonds comes from the guarantee of the IBRD's 184 shareholders whose capital can be called to satisfy bondholders' repayment claims. Thus the total funds available for the World Bank authorized by member governments consist not in "paid-in capital" but "callable capital" or money that would in theory be made available to the World Bank to cover its borrowing if needed. Although the World Bank has never actually called on these pledges, they serve as collateral for World Bank borrowing . Bank also raises all of its funds for lending activities by issuing debt obligations, such as bonds and selling them later on the international capital markets. Just like the IBRD, the IFC's bonds have a consistent triple A credit rating, backed by donor countries' funding commitments. (8) Campaigners are aiming to drive down the triple A rating of IBRD and IFC bonds. If the World Bank were to lose its triple A rating, the increased risk would lower the value of the bonds and put significant pressure on the World Bank to make fundamental changes.

MIGA
MIGA is currently financially self-sufficient. According to its Convention it should endeavor to avoid calls on member's subscribed capital. (9)

IDA
World Bank Donor countries provide the largest part of IDA's funding. IDA's assets as of June 30, 2005 are $130.4 billion, $42.5 billion of which will be dedicated to providing debt relief under the G8 2005 proposal over the coming 40 years. In April 2005, for example, donor countries committed approximately $33 billion to IDA's budget for debt cancellation. (10)
The IDA also receives money from the IBRD. A total 3,8 billion USD or about 40 percent of the IBRD's income in 2005 was given to IDA. (11)

As demonstrated above, the WBG depends heavily on selling its financial products on the world's financial markets. On average, the selling of bonds secures 80% of the funds that the WBG has available for poverty reduction or giving loans to the private sector and middle-income countries. By raising money in this way, the Bank has been able to evade the public oversight that would accompany the use of taxpayer funds.

1. Bonds are example of a debt product. IBRD fabricates and sells them on the market just like a manufacturer produces and sells her goods, and gets money in return. Other debt products IBRD currently issues are discount notes with duration between one and 360 days and structured notes. see: http://treasury.worldbank.org/Services/Capital%2bMarkets/Debt+Products/index.htm

4. Where and how are WB debt products (bonds) sold?

Step 1. Bonds are first issued from the IBRD or IFC branches of the World Bank Group.
Both IBRD and IFC bonds have a triple A rating as they are guaranteed by a large number of donor countries. Thus in case of default danger the WB has the rights to call up certain part of the subscribed capital.
The bonds are issued in a fixed set of currencies, with pre-established interest rates and maturity dates. In fiscal year 2005 for example, the IBRD issued debt securities (bonds) for a total volume equivalent to US$13 billion. By June 30, 2005 the IBRD had borrowed a total of US$102 billion from the financial markets. ( In order to repay all the funds borrowed, the Bank is obliged to contract a correspondingly high amount of new loans.)

Step 2. Bonds issued by the IBRD and IFC are underwritten (or physically placed on the market) by corporate banks and investment funds.

Since it is difficult for the IBRD and IFC to find individual sellers, they usually go to professional dealers (underwriters) who receive a premium for selling the bonds for them. "The World Bank maintains close relationships with a broad range of underwriters in all financial markets, ensuring a broad geographical bond distribution". (12) Some of the recent underwriters of WB bonds are Fortis Bank, Deutsche Bank, Citigroup, ABN Amro and Morgan Stanley. All underwriters first buy IBRD and IFC bonds at a lower price and sell them at a higher price. WB bonds are traded further through security houses, commercial banks, dealers and brokers. Prices are quoted on many securities exchanges, the major electronic trading platforms and in selected financial newspapers.
Step 3. Once on the market, the WB bonds are purchased by corporate and institutional investors Most frequently these are:
— investment banks and funds, which include IBRD and IFC bonds in their portfolios. Fortis, American Life Insurance, Swiss Life, Raiffeisen, Hannover Life, New York Life, AIG Bond Fund, Salzburg Munchen Funds, HSBC Trinkhaus have all bought WB Bonds and put them in investment portfolios to sell to their clients (5)
— institutions managing considerable amounts of public money, such as pension and insurance funds, trade unions (examples are the US pension fund "TIAA-CREF", the French Postal organization "La Poste" , the Dutch pension fund "ABP"). These organizations are usually advised to invest safely and therefore hold relatively large amounts of bonds (bonds generally carry less risk than stocks).

Step 4. Institutions can hold WB Bonds indirectly. Institutions operating with public funds (smaller pension funds, municipalities, universities, churches) frequently hire a fund-management company to invest their money on their behalf. Many fund-management companies (such as ones listed in 3) have portfolios containing a certain percentage of World Bank Bonds which they offer to their clients. Therefore if an institution does not possess World Bank bonds directly, it could hold them through its investments in one of the mutual funds of their fund-managing company. Other examples of fund-management companies offering WB Bonds as part of their portfolios are Barclays, City Bank, Credit Suise, Goldman Sachs, Morgan Stanley, UBS.

Thus whether you know it or not, your: university, trade union, municipality, pension fund or insurance fund may be providing the World Bank with the funds necessary for its lending activities.

5. portfolio or a mutual fund is a diverse mixture of bonds (or stocks) with different rating*, which diversifies risk and therefore gives a stable return on average. For the sake of simplicity, imagine that a mutual fund can consist of 35% IBRD bonds, 10% US Treasury bonds, 20% Corporate Bonds, 10% Shares and 25% Brazilian State Bonds.
Rating is a measurement of the certainty of returns (or default risk) that bonds have. The highest degree attainable in S&P's measurement is AAA, followed by AA, A, BBB, BB, and so on. Bonds with AAA ratings (as in the case of the IBRD and IFC) are considered to have virtually no risk of default.

5. Your link to the World Bank

Inform yourself about the activities and overall impact of the World Bank. Contact the closest organization campaigning on International Financial Institutions like the World Bank for more information or look at the websites provided in the Links section of the toolkit. Once sufficiently informed about the Bank, you can ask your university, pension fund, city, labor union, church or charity to consider taking a disinvestment action. In a nutshell, this would mean passing a resolution or investment policy, in which it is explicitly stated that the respective organization will not invest in the bonds of the WB.
So far, ten municipalities (including San Francisco and Berkley), eleven socially-responsible funds (including the Dutch Bank ASN), thirty three churches and religious communities, twenty four foundations, two universities (including Oxford-based Wadham college), nine international and twenty five US labor unions have signed resolutions against investing in the WB. The strategies for approaching different institutions vary. Depending on the specific constituents of the institution you approach, different information about the World Bank might be relevant. A couple of start-up research suggestions:

How to find the "right" institution for a disinvestment initiative and how to go about it?
— If you know an ethical fund in your region, you can find out if they hold WB bonds or have a policy on investment in international public banks of this kind. If not, you can get in touch with them
— If you are a student or work in an academic institution you can ask the financial administration department of your university whether ethical criteria on investing university endowments or reserves exist. Most often that's not the case. Afterwards you can get in touch with the local student/teachers' union and suggest to jointly write a letter to the university dean or board with a request to consider excluding the WB from the list of potential university investments.
— If you are a member of a labor union you can organize an event to discuss the role of the World Bank in labor rights movements or can get in touch with unions from the South for more information. Suggest making a declaration to the union leaders . Furthermore, you can propose the disinvestment initiative to the union leaders.
— If you have a pension fund, you can write a letter to the investment department asking where the fund's money is invested and whether ethical investment criteria has been applied in the process. After you have gathered sufficient information and support from people with a pension scheme in the same place you can write a motivation letter calling on the pension fund to exclude WB bonds from both potential and current investment.
In all of the above cases, the first and best option before taking a disinvestment initiative is to contact the Disinvestment campaigners for support and advice. (see contact information at the end of the Toolkit)
Note that it is not necessary for the institution you approach to possess WB bonds. A statement from an institution declaring that they have excluded WB Bonds as a potential investment is as important as a resolution making "no buy" claims for the future.

6. Specific fact sheets on World Bank and labor are available at: www.wbbeurope.org

6. Until when will the Disinvestment Campaign continue?

The campaign, urging institutions to divest from WB Bonds will continue until the following demands are fulfilled by the Bank:

1. Unconditional cancellation of the debt for all 66 low income countries on the IDA's list.

2. An end to all economic conditional lending practices.

3. The Bank stops financing large-scale environmentally and socially disruptive projects, especially in the infrastructure sector.

7. World Bank Bonds in Europe and your country

European markets are extremely important in funding the Bank. The Bank derives on average between 30 and 40 % of its income from bonds bought by European investors. The bank has flooded European markets with bonds since 1951. They have been issued in Switzerland, the United Kingdom, Norway, Poland and France. As an illustration, a few examples of bonds issues are given below.

35 percent of the 750-million-bond issued by the World Bank in February 2005 were bought by European investors, for example. The WB press release on the case gives a very good illustration of the type of institutions purchasing Bank Bonds. 40 percent of them were fund managers, 25 percent life insurance companies and pension funds, 20 percent Banks and Retail Intermediaries and 15 percent central banks and public institutions. That leads to the conclusion that World Bank Bonds can easily be found in the majority big pension funds, investment and insurance companies in Europe. (13) Another example is the $1.5 billion eurobonds issued by the Bank in 1991, 40 percent of which were sold in Europe. (14)

The Bank is targeting European investors by issuing bonds in local currencies such as Hungarian Forints and Polish Zloty. One examples of bond issues, targeting European investors primarily is their September 2004 Hungarian Forint bond issue, underwritten by the Deutsche Bank. In Italy, for example, where bonds from international organizations like the World Bank are not subject to a domestic withholding tax, World Bank Bonds are in great demand. (15) In September 2004, for example, the Morgan Stanley underwrote and sold World Bank Bonds primarily for and to Italian retail investors. (16)
European investors are buying World Bank Bonds even in diverse non-European currencies such as Chilean Pesos. European and North America investors bought a quarter of the May 2000 World Bank Bonds issue in Chilean Pesos. (17)

Recently the Bank has been employing new tactics for reaching out to European clients. The French Postal Union "La Poste" case is an example of this. In July 2005, The World Bank and La Poste collaborated in the creation of the so-called "Toniciel Banque Mondiale" bonds and offered it for sale to La Poste clients and employees. In addition IBRD bonds were promoted by the French postal organization as ethical investment products, and a "concrete opportunity to show solidarity with developing countries". (18)
Finally, many institutional investors, such as the ABP pension fund in the Netherlands, hold WB bonds indirectly or through a mutual fund.

8. INVESTORS' WARNING: Financial Risks of WB Bonds

Although World Bank Bonds are triple A rated, there are risks associated with purchasing IBRD and IFC bonds, which current and potential investors in the WB should consider. Three main reasons for concern are outlined below:
— the declining callable capital the World Bank can rely upon
— the possibility of defaults on loans
— large public investors are selling their WB Bonds

World Bank borrowers may be unable to pay back their loans

If countries are unable to service their WB debt, the rating of World Bank Bonds will be seriously impaired. Indeed the number of World Bank borrowers which may be forced to default on payments to the institution is growing. In late 2002, Argentina, the Bank's fourth largest debtor, suspended payments of $805 million to the World Bank because it didn't have sufficient cash flows to make the payments. Argentina was unable to pay because of an economic crisis which was exacerbated by IMF/World Bank supported policies which made Argentina's exports uncompetitive. Though in the beginning of 2006 Argentina and Brazil repaid their entire IMF borrowings, there is reason for continued concern about their World Bank loans. Since 1994, Brazil's total external debt has jumped from 29% to 65% of its GDP and the country is maintaining extremely high interest rates in excess of 25.5%. This level of debt is clearly unsustainable, and Brazil may consider default in the future. The fiscal position of the Philippines, for example dangerously resembles the fiscal position of pre-default Argentina. Analysts and investors are warning that there is a pretty big chance that the Philippines will default. (19) Moody's Investors Service, in its October 2002 analysis of World Bank bonds pointed out that the biggest risk to the Bank's financial position would come if more than one large borrower were to be unable to service their debt on time. (20) Moody's also notes that in addition to Brazil and Argentina, other major IBRD borrowers such as Russia and Indonesia, and now the Philippines, could face further dislocations due to political and structural problems in the coming years. Combined, these five countries make up 30.66 % of the Bank's gross outstanding loans. (21)

Furthermore, many WB loans are poorly monitored and projects are not sustainable and this may increase the risks of non-payment. World Bank projects have a high failure rate. A report commissioned by the U.S. Congress in 2000 (22) found that 55-60% of World Bank projects fail to achieve sustainable results. Part of the reason for this is that more emphasis is placed on quantity and the fast approval of loans than on quality and sustainability. The critique that the World Bank emphasizes project approval over quality has been leveled at the institution since 1992. (23)
Therefore project failure combined with the higher chance for loan defaults may diminish the returns on the World Bank's investments, which may in turn make WB Bonds a riskier investment.

The U.S. and EU governments' financial and political backing to the World Bank is declining.
In November 2005 the American government withheld 20% of its annual donation to the World Bank Group. This means that the money available to cover the World Bank's obligations to its bondholders are reduced by 20% until the Bank implements openness and anti-corruption measures. The U.S. government is the World Bank's primary financial backer in the event of default. In the spring of 1999, US reduced its WB callable capital as well. At that point the Bretton Woods Committee, an organization of prominent business and political leaders that support the Multilateral Development Banks, complained about the cut, saying that "Disturbing reports from Wall Street say some bondholders are already growing nervous over the threat and are dumping their World Bank bonds."(24) The EU's backing for the WB is also diminishing lately with a competing development bank being promoted in Europe. The decrease of funding for callable capital combined with the declining political support for the WB in general could well have the effect of making the bonds less attractive and reducing their investment rating. The largest private U.S. pension system sold its WB bonds, as the bonds did not offer sufficient returns. TIAA-CREF claimed it sold its holdings of World Bank bonds in 2002 because the bonds did not produce high enough returns for the $270 billion fund. "We have held World Bank bonds and we no longer do" TIAA-CREF spokesman Patrick Connor told AFX Global Ethics Monitor, a business news service, in November 2002. "...The returns would not be as attractive as other investments " Connor said. (25) As a leader among pension systems, TIAA-CREF's decision sent a signal to other institutional investors that are looking to make investments that are both safe and offer competitive returns.

7. Default means not being capable of paying on time.

9. Where to invest if not in the World Bank?

Here we would like to underline that financial advisers and investors are usually well informed about the triple-A-alternatives to investment in IBRD and IFC bonds. The question most people will ask is whether there are purely ethical bonds. Our research shows that not many financial products in possession of a triple A rating can claim to be 100% ethical. Therefore choosing investors concerned with environmental and social standards often means choosing the lesser of two evils. Here is a small check list:
Alternative investment products, finance and banks

*Belgium
Triodos Bank - www.triodos.be
Credal - www.credal.be

*Denmark
JAK (Jord-Arbejde-Kapital) - www.jak.dk
Merkur - den Almennyttige Andelskasse - www.merkurbank.dk

*Germany
OekoGeno - www.oekogeno.de
GLS Gemeinschaftsbank - www.gemeinschaftsbank.de
Bank für Orden und Mission - www.ordensbank.de
Steyler Bank - www.steylerbank.de
OekoTrend Bonds - www.ecologic.de
www.oekorenta.de

*Netherlands
Triodos Bank - www.triodos.nl
ASN - www.asn.nl
Oikocredit - www.oikocredit.org

*Switzerland
Alternative Bank Schweiz - www.abs.ch
Freie Gemeinschaftsbank - www.gemeinschaftsbank.ch

*United Kingdom
Triodos Bank - www.triodos.co.uk
Ecology Building Society - www.ecology.co.uk
Industrial Common Ownership Finance - www.icof.co.uk
Shared Interest - www.shared-interest.com
Co-operative Bank - www.co-operativebank.co.uk

*France
Institut de Développement de l'Economie Sociale - www.esfin-ides.com
Société Financière de la NEF - www.lanef.com
Fédération des Cigales - www.cigales.asso.fr

*Italy
Banca Etica - www.bancaetica.com
MAG 2 - www.mag2.it

*Luxemburg
Etika - www.etika.lu
Alterfinanz - www.globenet.org/horizon-local/alterfin/

*Sweden
JAK (Jord-Arbejde-Kapital) - www.jak.se
Nordiska Sparlan - www.nordspar.se

*Micro Finance Institutions, issuing bonds
Mibanco - www.mibanco.com.pe
Compartamos, Mexico - www.compartamos.com

*More on existing ethical funds and bonds at:
European Sustainable & Responsible Investment Forum - www.eurosif.info
UK Social Investment Forum - www.uksif.org
Ethical Investment Research Service - www.eiris.org
Rating of Ethical Funds, classified by areas of concern: www.ethicalinvestors.co.uk

German rating agency on sustainable investment: www.oekom-research.de

Other International Public Banks that Issue Bonds

The World Bank has counterparts in almost all continents. The largest ones are: The European Bank for Reconstruction and Development (EBRD)and the European Investment Bank (EIB), both of them based in Europe. The Asian Development Bank (ADB), based in Asia, The African Development Bank (AFDB), and the Inter-American Development Bank (IADB). Bonds are a major generator of funds for all of these institutions. EBRD, EIB, IAB, and ADB bonds are all available on world financial markets, meaning that "disinvestment" can be used as a strategy that can be applied in the same way to each of the Multilateral Development Banks. A short description of each is given below.

The European Investment Bank
The European Investment Bank (EIB) was founded in 1958. It is the funding arm of the European Union, and was originally created to provide investment in less developed regions of Europe. Since its foundation, the EIB's mission, and areas of operation have grown substantially. With a current portfolio of investments in more than 120 countries, more than 16% of the EIB's total lending operations are outside the European Union. Its investments are in South Africa, Asia, Central Europe, the Middle East, and Latin America. Major concerns with the EIB is its lack of transparency and accountability and unwillingness to disclose information. Its major infrastructure, energy, and transport projects has caused significant and long-lasting environmental destruction. A good resource on EIB is the "EIB in the South" report, available at:
www.foei.org/publications/pdfs/eibinthesouth.pdf

More on EIB can be found at:
www.eibprojects.org
www.bankwatch.org


European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) was established in 1991 to provide transitional help for the countries of Europe and Central Asia after the collapse of communism. It now operates in 27 countries, where it has financed a number of highly problematic projects. The EBRD is the only development bank currently opting to finance the construction of nuclear power plants, such as Mochovce in Slovakia and Khmelintsky 2 and Rivne 4 in Ukraine. Through its funding of oil projects, the EBRD not only contributes to climate change but also causes a number of local problems. Such projects mainly involve high profits for oil companies rather than bringing benefits to local inhabitants. The most recent case of this is the BP-led Baku-Tbilisi-Ceyhan oil pipeline, which will export vast amounts of Caspian oil to western markets. The EBRD is currently considering financing the second phase of Shell's controversial Sakhalin 2 oil and gas project in the Russian far east. The EBRD has also been one of the key investors in gold mining in the region. One such notorious project backed by the EBRD is the Kumtor Gold Mine in Kyrgyzstan where a string of accidents have taken place, including a cyanide spill that seriously affected several hundred people.
(source: www.bankwatch.org)

For more information on EBRD visit:
www.ebrd.org
www.bankwatch.org
www.sakhalin.environment.ru/en/index.php
www.bicusa.org

Asian Development Bank
The ADB is the third largest donor to the Asia-Pacific region (after the Japanese government and the World Bank) lending approximately $5 to $6 billion a year to its developing member countries. Based in Manila, Philippines, the ADB was established in 1966 and currently has a membership of 63 countries. Although the ADB's official mandate is reducing poverty in the region, ADB-funded operations are negatively affecting some of the region's vulnerable communities. In many cases communities have lost their homes and/or source of economic livelihood, their health has been damaged, and traditional ways of life have been destroyed. An analysis of ADB project performance audit reports for Indonesia, Pakistan and Sri Lanka, found that over 70 percent of ADB projects in these countries are unlikely to provide long-term social and economic benefits. This analysis, conducted by Environmental Defense, can be seen at www.environmentaldefense.org/documents/2898_ADBinitsownwords.pdf
(source: Unpacking the ADB: A Guide to the Asian Development Bank). For more information visit:
www.adb.org

www.forum-adb.orgwww.forum-adb.org
www.greenpeace.org/seasia/en/asia-energy-revolution/adb


Inter-American Development Bank
The Inter-American Development Bank (IADB) was established in 1959 to promote economic development throughout Latin America and the Caribbean region. Civil society groups have long been concerned about the inappropriate economic and democratic reforms encouraged by the IADB. Examples of IADB projects are the Yacyreta hydro-electric dam between Paraguay and

11. Why focus on the WB instead of on private banks, knowing the latter are much less accountable?

Campaigning for accountability from private banks is important. After all, the amount of private capital being invested around the world does exceed the WB global financing. Yet, it is obvious from the first half of this publication that the World Bank is playing a strategic role in global economic development. No other institution has so much influence on the economic policies of Southern countries. Furthermore, the WB is the biggest lender to low-income countries, where private capital does not enter in a significant scale. Finally, the WB plays an important role in global project finance by giving the sign of approval to "high-risk, high-return" infrastructures projects with questionable social and environmental impact. The Bank usually finances a modest share of the overall infrastructure project expenses. What matters though is the World Bank's involvement as such. Although the Bank claims otherwise, the World Bank's approval is essential for other International Financial Institutions and private sector investors. Due to their perceived high quality safeguards and project screening policies, most IFIs, investment banks and funds see the Bank's involvement as a guarantee for the acceptability and low-risk of a project. BTC and Chad-Cameroon are just two of the numerous examples. Bank officials often claim that they fund a project in order to make it better and that if was not for the Bank the project would be funded by a less accountable private agency. Evidence points to the contrary: The EBRD approved its involvement in the BTC pipeline after the WB's positive decision. The same went for the EIB and Chad Cameroon, the EIB and Laos and many other large-scale projects. Few of the projects rejected for financing by the World Bank have really gone ahead. Thus the World Bank's ability to reduce the perceived risk of a project and thus to attract investors is another important aspect of the Bank, which explains why campaigning on the World Bank is important at this very moment.

Sources

1. www.wbbeurope.org
2. web.worldbank.org
3. http://ifcln1.ifc.org/ifcext/about.nsf
4. http://ifcln1.ifc.org/ifcext/about.nsfwww.miga.org
5. www.worldbank.org/icsid/about/about.htm
6. http://treasury.worldbank.org
7. http://web.worldbank.org
8. www.ifc.org/ifcext/treasury.nsf/Content/FundingManagement
9. www.wbbeurope.orgwww.miga.org
10.http://web.worldbank.org
11.The World Bank Annual Report, 2005
12.http://treasury.worldbank.org
13.http://treasury.worldbank.org/Services
14.www.iht.com/articles/1991/09/23/ebon_2.php
15.www.iht.com/articles/1992/01/13/ebon.php
16.http://treasury.worldbank.org/Services/
17.http://web.worldbank.org/
18.http://web.worldbank.org
19.www.atimes.com/atimes/Southeast_Asia/GC02Ae04.html
20.Moody's Investor Service/Global Credit Research, International Bank for Reconstruction and Development Analysis, October 2002, p.2
21.Ibid, p. 4
22.International Financial Institutions Advisory Commission (Meltzer Commission), Final Report, March 2000.
23.Wapenhans report, an internal review led by a former World Bank Vice President, which found that 37.5% of World Bank projects were failures.
24.Martin Crutsinger, "Rubin criticizes House budget for tapping lending institutions' funds," Associated Press, March 25, 1999.
25.Abid Aslam, "TIAA-CREF Says It Sold its World Bank Bonds for Market, Not Moral Reasons," AFX News-Global Ethics Monitor, November 6, 2002