ABSTRACT
The IBRD’s board of governors consists of one governor appointed by each member nation. Typically, a governor is the country’s minister responsible for finance, central bank governor, or a minister or an official of comparable rank. In September 2011 the Bank introduced a Corporate Scorecard, which uses a framework of performance indicators to monitor the International Bank for Reconstruction and Development (IBRD) and international development associations ongoing progress and achievement of development results. Most of the IBRD’s lendable funds come from its borrowing, on commercial terms, in world capital markets, and also from its retained earnings and the flow of repayments on its loans. IBRD loans carry a variable interest rate, rather than a rate fixed at the time of borrowing. IBRD loans usually have a ‘grace period’ of five years and are repayable over 15 years or fewer. Loans are made to governments, or must be guaranteed by the government concerned, and are normally made for projects.
