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September 6, 2019

The Honorable James E. Risch The Honorable Bob Menendez Chairman Ranking Member Committee on Foreign Relations Committee on Foreign Relations Senate United States Senate

Dear Senator Risch and Senator Menendez:

We write to ask that you support both the authorization and appropriations for the general capital increase (GCI) for the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC) of the Group.

As you know, the World Bank Group’s shareholders endorsed an ambitious package of measures for the capital increase in 2018. It includes internal reforms and a set of policy measures that greatly strengthens the institution’s ability to scale up resources and deliver on its mission of fighting global poverty. It was developed in response to an increasingly complex development landscape and to confront emerging challenges to the global economy which will require a coordinated and sustained effort. The Bank has also developed, for the first time, a comprehensive strategy to address fragility, conflict and violence in countries where assistance is needed the most. It is important that the United States supports this effort because it:

• Promotes National Security Interests World Bank support to countries where poverty and disease can breed political instability and foster extremism is vital to U.S. national security interests. World Bank projects promote stability in weak states and help mitigate cross-border problems – such as the Ebola outbreak and refugee crises – which precipitates positive spillover effects on national, regional, and global security fostering a safer world for all Americans.

• Advances U.S. Business Opportunities Abroad With downside risks still threatening the global economic outlook, World Bank assistance to developing and emerging economies also means preserving and advancing the interests of U.S. business and American workers of companies that trade and invest in these countries.

• Sustains Global Leadership Support ensures the U.S.’ ability to influence and direct lending and activities at the World Bank that align with U.S. values and policy priorities – especially important in a global economy where China and Russia seek to scale up influence. World Bank internal reforms included in this package are U.S. policy priorities that will continue to push the institution to improve effectiveness, transparency and accountability.

We would therefore urge Congress to continue its longstanding, bipartisan support for the World Bank Group and fully authorize and appropriate the general capital increase (GCI) package.

Sincerely,

Richard A. Debs James D. Wolfensohn Jim Kolbe Chair, International Council Co-Chair Co-Chair

HONORARY CO-CHAIRS CHAIRS EMERITI ADVISORY COUNCIL CO-CHAIRS SECRETARY PRESIDENT GEORGE H.W. BUSH E. GERALD CORRIGAN MOHAMED EL-ERIAN JIM KOLBE JAMES C. ORR PRESIDENT HENRY H. FOWLER RUTH PORAT JAMES D. WOLFENSOHN PRESIDENT GERALD R. FORD BILL FRENZEL WILLIAM R. RHODES EXECUTIVE DIRECTOR HENRY OWEN JEAN-CLAUDE TRICHET CHAIR, RANY S. RODGERS PAUL A. VOLCKER SIR DAVID WALKER INTERNATIONAL COUNCIL CHARLS E. WALKER RICHARD A. DEBS

On behalf of the members of the Bretton Woods Committee, including our U.S. members:

Nishith Acharya Daniel J. Arbess C. Fred Bergsten Equal Innovation Consulting Xerion Funds Peterson Institute for International Economics Timothy Adams Robert R. Aronsson Institute of International Finance Apollo Energy Systems, Inc Afsaneh Mashayekhi Beschloss Rock Creek Group Reena Aggarwal Norman R. Augustine McDonough School of Business, Review of the United States Human Jörg Bibow Georgetown University Space Flight Plans Committee Skidmore College

Masood Ahmed Sara Aviel David Biltchik Center For Global Development Obama Administration Consultants International Group

Robert Albertson James Bacchus Nancy M. Birdsall Sandler O'Neill & Partners, L.P. University of Central Florida Center for Global Development

Madeleine Albright Raymond Baker James J. Blanchard Albright Stonebridge Group Global Financial Integrity DLA Piper

Richard S. Aldrich Richard H. Baker Alan S. Blinder Private Export Funding Corporation Managed Funds Association Princeton University

Buzz Aldrin James A. Baker, III W. Michael Blumenthal Starbuzz Enterprises Baker Botts LLP Jewish Museum of Berlin

Donna Alexander Kevin F. Barnard Brian Bombassaro Advoxum Global Strategies Arnold & Porter LLP U.S. Senate Committee on Finance

Sarah E. Alexander R. Michael Barth David L. Boren Private Capital Strategies Barth & Associates LLC Oklahoma University

Diane Alleva Caceres Carol Beaumier James Boughton Market Access International, Inc.; Protiviti Centre for International Governance Georgia Institute of Technology Innovation David Beckmann Daniel Alpert Bread for the World Michael P. Boyle Westwood Capital, LLC Boyle Energy Services & Geoffrey Bell Technology, Inc. Cate Ambrose Geoffrey Bell & Company, Inc. Latin America Private Equity and Nicholas F. Brady Venture Capital Association Robert R. Bench Choptank Partners, Inc. WorldBoston Eric Anderson Myron Brilliant Planetary Resources, Inc. Mariano Bengoechea U.S. Chamber of Commerce Citigroup Daniel Andrich Pierre Brondeau Representative of German Industry Lucy Wilson Benson FMC Corporation and Trade U.S. Department of State Carole L. Brookins Martin Apple Kenneth E. Bentsen, Jr. Public Capital Advisors Council of Scientific Society Securities Industry and Financial Presidents Markets Association Seamus Brown Moore Capital Management Paul V. Applegarth Robert J. Berg Value Enhancement International Alliance for Peacebuilding

Giancarlo Bruno Kenneth I. Chenault E. Gerald Corrigan World Economic Forum General Catalyst The Challenger Foundation

Willem Hendrik Buiter Samuel F. Chevalier David A. Coulter Citigroup West Hill Warburg Pincus LLC

Deborah Burand Julie Chon Sam Y. Cross New York University School of Moore Capital Management International Monetary Fund (Ret.) Law James Claire Nelson Cunningham Edward Burton Mizuho Securities McLarty Associates U.S.-Saudi Arabian Business Council Bill Clapp W. Bowman Cutter Seattle International Foundation Roosevelt Institute Landon Butler Integrity Initiatives International Robert L. Clarke David D. Cutting Bracewell LLP Cesare Calari Martin Dahinden Encourage Capital Kevin Cleaver Embassy Of Switzerland

Kent Calder E. Patrick Coady Ray Dalio Johns Hopkins University School of Coady Diemar Partners Bridgewater Associates Inc. Advanced International Studies Warren Coats Michael T. Dan Carolyn Campbell International Monetary Fund (ret.) Blue Heron Capital Emerging Capital Partners Kenneth S. Cohen Stephen J. Dannhauser Lourdes Casanova MassMutual Financial Group Weil, Gotshal & Manges LLP S.C. Johnson School of Management, Cornell Univeristy Rodgin Cohen Onno de Beaufort Wijnholds Sullivan & Cromwell LLP Financial Consultant (independent) Kevin Casas-Zamora Peter D. Bell Rule of Law Program, William Cohen Whitney Debevoise Inter American Dialogue The Cohen Group Arnold & Porter Kaye Scholer LLP

Gilbert F. Casellas Julius E. Coles Richard A. Debs Omnitru Technologies, LLC Morehouse College Morgan Stanley

Stephen D. Cashin Jay Collins David A. Deese Pan African Capital Group, LLC Citigroup Boston College

Gerald S. J. Cassidy Mark M. Collins Raj M. Desai Cassidy & Associates Brown Advisory and Trust Georgetown University Company Guillaume Castel Ross DeVol The Advisory Board Company John Conroy Milken Institute Baker & McKenzie Domingo Cavallo Thelma Diaz GlobalSourcePartners Jill M. Considine Independent Consultant LCH, LLC Michael M. Chamberlin Robert L. Dilenschneider Emerging Markets Traders Lawrence S. Cooley The Dilenschneider Group Association Management Systems International James Dimon Joyce Chang Richard N. Cooper J.P. Morgan Chase & Co. J.P. Morgan Chase & Co. Center for International Affairs, Harvard University Paula Dobriansky Kevin Chen Harvard University Belfer Center Horizon Financial for Science and International Affairs

Patrick F. Dolan Diana Farrell Joan M. Frost Acadia Fund, LP J.P. Morgan Chase & Co. The Dillon Fund

Donald F. Donahue Patrick Fay Martin Frost Miranda Partners, LLC Mizuho Securities USA LLC Polsinelli, Shalton, Flanigan, Suelthaus John Donaldson Michael Fazio The World Bank Group (ret.) MarCorp Financial Bill Frymoyer Motor & Equipment Manufacturers Peter Donaldson Martin Feldstein Association Harvard University Craig S. Donohue William A. Furman The Options Clearing Corporation Niall Ferguson The Greenbrier Companies Harvard University Cal Dooley Kevin P. Gallagher American Chemistry Council Michael Feroli Global Development Policy Center - J.P. Morgan Chase & Co. Boston University William Drozdiak McLarty Associates Jonathan Fiechter Christopher B. Galvin PricewaterhouseCoopers LLP Harrison Street Real Estate Capital William Dudley LLC Princeton University Dennis Flannery Delaney for President 2020 Stewart Gamage John C. Dugan University of Virginia Foundation Citigroup Richard Fontaine Center for a New American Stephen Ganyard Robert H. Edwards, Jr. Security Avascent International ENGIE Insight Gail D. Fosler Richard N. Gardner Khaled El Ghorab The GailFosler Group LLC Columbia University National Bank of Egypt - New York Bran Henri Fouda Henry Louis Gates Wellington Management W.E.B. Du Bois Institute for Mohamed El-Erian African and African American Allianz Richard Frank Research Darby Overseas Douglas J. Elliott Investments/Franklin Templeton Matthew D. Gelfand Oliver Wyman Rockefeller Capital Management Tony Fratto Anthony Elson Hamilton Place Strategies David B. Gill Johns Hopkins SAIS & Duke Center for International Jendayi E. Frazer Mark Gillen Development Council on Foreign Relations Bretton Woods Committee

Warren E. Emblidge Daniel Freifeld Dessa Glasser McCullagh International Callaway Capital Management LLC Financial Risk Group

John Engler Jacob Frenkel Howard Glicken Business Roundtable J.P. Morgan Chase & Co. The Americas Group

Erin Ennis Bart Friedman Daniel Goldman Dell Technologies Cahill Gordon & Reindel LLP Syntax Analytics

Robert Fagenson Zack Friedman Jeffrey A. Goldstein National Holdings Corporation Mina Group Hellman & Friedman

Marina Fanning Kate Friedrich Harvey Golub Management Systems International Thomas Reuters Miller Buckfire

Lawrence Goodman Kenneth W. Hansen Takatoshi Ito Center for Financial Stability Norton Rose Fulbright Columbia University, CJEB

Elizabeth Goryunova Larry D. Hays Nancy Jacklin Univeristy of Southern Maine Multilateral Institution Credit International Monetary Fund (ret.) Advisors Peter M. Gottsegen William Jannace Insitute of International Education John G. Heimann Fordham Law School Financial Stability Institute Thomas Graham Charles R. Johnston Lightbridge John Heintz Citigroup Financial Services Forum Jacqueline Grapin Vernon E. Jordan The European Institute C. Randall Henning Akin Gump Strauss Hauer & Feld American University LLP Micah S. Green Steptoe & Johnson LLP Carla A. Hills Miles Kahler Hills & Company International American University Maurice Greenberg Consultants The Starr Foundation James A. Kaitz Paul Hinks Association for Financial Vartan Gregorian Symbion Power Professionals, Inc. Carnegie Corporation of New York Donald Hoffman Gautam S. Kaji Kenneth A. Guenther EXCEL Services Corporation Centennial Group Certegy Inc. George Hoguet James Kamihachi Eric Guichard Chesham Investments LLC KCW Partners, LLC Homestrings Investment Management Robert Holleyman Joan Alice Katen C&M International Pace University/SUNY Purchase Mauro F. Guillen College Wharton School Matina S. Horner BlackRock Henry Kaufman Anil K. Gupta Henry Kaufman & Company, Inc. University Of Maryland Gene Huang Abbott Laboratories Thomas H. Kean Kenneth L. Gutwillig THK Consulting, LLC Financial Decisions, Inc. Kent Hughes Woodrow Wilson International Frank Keating Randall D. Guynn Center for Scholars Holand & Knight Davis Polk & Wardell, LLP Constance Hunter George A. Kellner Francois Haas KPMG LLP Kellner Capital Banque de France Cornelius K. Hurley Hugh C. Kelly Odo G. Habeck Boston University Center for KPMG Aqua Levee Group Finance Law and Policy Nemir A. Kirdar Lyric Hughes Hale Richard Hurowitz Investcorp Bank BSC David Hale Global Economics Octavian Group Holdings, LLC Crispian Kirk Lee H. Hamilton Bobby R. Inman OIC International The Center on Congess at Indiana University William M. Isaac Duane Kissick FTI Consulting Global Community Service Jeffrey S. Hammer Foundation Princeton University Yves-Andre Istel Rothschild Inc.

Henry A. Kissinger Rick Lazio Susan Lund Kissinger Associates Jones Walker LLP McKinsey Global Institute

Larry A. Klane Richard Leach Meg Lundsager Pivot Investment Partners LLC World Food Program USA Wilson Center

Gary Kleiman Miles Cary Leahey Desmond Mac Intyre Kleiman International Consultants Decision Economics Standish Mellon Asset Management

Donald L. Kohn Christopher S. Lee Amanda MacArthur The Brookings Institution Milken Institute PYXERA Global

Jim Kolbe Nancy Lee Fiona Macaulay Consultant Center for Global Development Making Cents International

Murat Koprulu Danny Leipziger Maya MacGuineas The American Immigrant Society George Washington University Committee for a Responsible Federal Budget Dino Kos Gayle Lemmon CLS Bank International Council on Foreign Relations Peter Mack Zenith Restoration Mahesh Kotecha Michael Levett Structured Credit International Center for Strategic and Stephen Malphrus Corporation International Studies Federal Reserve Board (ret.)

John Koudounis Leonard Maleson Levie Iqbal G. Mamdani Calamos Investments American Industrial Acquisition First Asian Investments Corporation Sallie L. Krawcheck James M. Manyika Ellevate Kenneth I. Levinson McKinsey Global Institute Washington International Trade Michael H. Krimminger Association Donald B. Marron Cleary Gottlieb Steen & Hamilton Lightyear Capital, LLC LLP Jacob J. Lew Lindsey Goldberg LLC Carl Masters Randall S. Kroszner GoodWorks International University Of Chicago, Booth Richard Lindsey School of Business Windham Capital Management Jessica Tuchman Mathews Carnegie Endowment for Charito Kruvant John Lipsky International Peace Creative Associates International, Johns Hopkins University SAIS Inc. Ivan Mattei James M. Lister Debevoise & Plimpton Katrin Kuhlmann Korea Economic Institute of New Markets Lab America Barbara C. Matthews BCM International Regulatory Adnan Kummer Robert Litan Analytics LLC; Atlantic Council Johns Hopkins University The Brookings Institution William E. Mayer Vladimir Kvint David Loevinger Park Avenue Equity Partners The TCW Group, Inc John J. LaFalce Richard McCormack HoganWillig Attorneys at Law Brian Longe Center for Strategic and Empyrean Solutions International Studies Kurt M. Landgraf Educational Testing Services Vivian L. Lowery-Derryck David H. McCormick The Bridges Institute Bridgewater Associates Johanna Lasker BNP Paribas Asset Management

Robert H. McCormick James Morrison Barbara A. O'Boyle New York State Banking Overseas Private Investment Transurban Department Corporation Sandie O'Connor Robert C. McFarlane John Morton J.P. Morgan Chase & Co. (ret.) IP3 International Aligned Intermediary Ngozi Okonjo-Iweala Matthew F. McHugh Carol Moseley Braun Global Alliance for Vaccines and FTI Consulting CMB One LLC Immunizations

Brent J. McIntosh Dambisa Moyo Michael E. O'Neill U.S. Department of the Treasury Barclays Bank Citigroup

Thomas F. McLarty Tomasz Mroczkowski James Orr McLarty Associates American University The Bretton Woods Committee

Bruce McNamer David Mulford Leon E. Panetta The Community Foundation, Hoover Institute, Stanford The Panetta Institute for Public National Capital Region University Policy

Thomas D. McNeese Lester Munson Milan Panic Houston Committee on Foreign BGR Group Relations Dimitri B. Papadimitriou Alberto Musalem The Levy Economics Institute Mark Medish The Messina Group International Stephen Myrow Gary Perlin Beacon Policy Advisors LLC Leslie Megyeri Douglas Peterson Law Office of L.L. Megyeri Moises Naim S&P Global Carnegie Endowment for Edward C. Meyer International Peace Robert G. Pickel Noblis Ghiyath Nakshbendi Rutherford Poats Ashish Midha American University; Sangamore Pace Global, A Siemens Business Deloitte Group Ruth Porat Helen V. Milner Thomas J. Neff Alphabet, Inc. Princeton University Spencer Stuart U.S. Arturo C. Porzecanski Eric Mindich John Negroponte American University Eton Park Capital Management McLarty Associates Cobb Mixter Richard H. Neiman Hakluyt Lending Club Richard E. Powers Venable LLP Henry Mooney Gregory Niblett Harvard University Mason Fellows Management & Training Daniel M. Price Corporation Rock Creek Global Advisors LLC John Norton Moore University of Virginia School of Robert Nichols Azita Raji Law American Bankers Association U.S. Department of State

Peter Morici Barbara Novick Eric Rauchway University of Maryland BlackRock University of California, Davis

Scott Morris Jens Nystedt Francis C. Record Center for Global Development Emso Asset Management MK Technology

Douglas A. Rediker T. Timothy Ryan, Jr. Ralph M. Segall International Capital Strategies Santander Holdings USA, Inc Segall Bryant & Hamill

Peter A. Reiling Paul Ryberg Stefan M. Selig The Aspen Institute African Coalition for Trade Thomas Selman William K. Reilly Matthew Saal FINRA TPG WPA Inc. Charles O. Sethness William R. Rhodes Motoatsu Sakurai William R. Rhodes Global Japan Society Asif M. Shaikh Advisors, LLC PaxTerra Incorporated William G. Salter Joseph L. Rice Citigroup Alexander Shakow Clayton, Dubilier & Rice World Bank (ret.) Barbara C. Samuels Auguste E. Rimpel Samuels Associates Joanna Girardin Shapiro Boston Global Partners Bank of New York Mellon Luis San Vicente Portes S. Melvin Rines Montclair State University Paul Sheard Rines Associates S&P Global Jean-Louis Sarbib Robert S. Risoleo Development Gateway Nathan Sheets Sullivan & Cromwell LLP PGIM Fixed Income Rolf Sartorius Jerry Rizzieri Social Impact Faryar Shirzad Mizuho Securities USA LLC Goldman Sachs Group, Inc. Keith Savard Peter M. Robinson Milken Institute George P. Shultz U.S. Council for International Stanford University Business Regina Schleiger Medley Global Advisors Robert V. Sicina James D. Robinson, III The American University J. D. Robinson, Inc. Kai Schmitz World Bank John Simon Kenneth Rogoff Total Impact Capital Harvard University Adam L. Schneider Oliver Wyman Allen Sinai Felix G. Rohatyn Decision Economics, Inc. Lazard Ltd Jill Schuker JAS International Manisha Singh Hilton L. Root U.S. Department of State George Mason University Bernard L. Schwartz BLS Investments LLC Gordon Dee Smith Eugene H. Rotberg Strategic Insight Group M. Roy Schwarz Nouriel Roubini China Medical Board Mary Oakes Smith Roubini Macro Associates LLC Iraqi Women's Fellowship Hal S. Scott Foundation William D. Ruckelshaus Harvard University School of Law Madrona Venture Group Michael P. Smith David R. Scotton New York Bankers Association Daniel Runde Association of the Center for Strategic and United States of America, National Mark Sobel International Studies Captial Area Official Monetary and Financial Institutions Forum Thomas A. Russo Brent Scowcroft American International Group (ret.) The Scowcroft Group

Dorothy Meadow Sobol Tsutomu Takemura Shinya Wako Foreign Policy Institute, Johns Nomura Holding America Inc. Mizuho Bank Hopkins SAIS Peter Taksoe-Jensen John L. Walker Jonathan Sokobin Embassy of Denmark Simpson Thacher & Bartlett LLP FINRA Strobe Talbott Joseph Wambia Timothy G. Solberg The Brookings Institution Washington University, Olin Joshua B. Warren Business School Gligor Tashkovich BlackRock AlphaSource Capital Securities LLC Ruth Wedgwood Soros Fund Management Johns Hopkins University John B. Taylor Paul Speltz Stanford University Frank Weil Global Strategic Associates Abacus & Associates, Inc. Jay Timmons Solveig B. Spielmann National Association of Ronald Weiner International Business-Government Manufacturers Perelson Weiner LLP Counsellors, Inc. Umayya Toukan Daniel L. Weiss Richard Spillenkothen Pembroke Consult PricewaterhouseCoopers LLP Santander USA/Federal Reserve James Tozzi Olin L. Wethington J. Andrew Spindler Center for Regulatory Effectiveness Wethington International LLC Financial Services Volunteer Corps Hung Tran Deirdre White Ruth Stanat Institute of International Finance PYXERA Global SIS International Research Dominik Treeck Marina Whitman Jeremy C. Stein Oliver Wyman University of Michigan Harvard University Solomon D. Trujillo Meredith Whitney Lee B. Stephens Trujillo Group LLC Meredith Whitney Advisory Group BNY Mellon LLC Edwin M. Truman Ernest Stern Peterson Institute for International Dennis Whittle The Rohatyn Group Economics The Whittle Group

Paula Stern Laura Tyson Diane Willkens The Stern Group, Inc. University Of California Development Finance International, Inc. Francesco Stipo Robert van Zwieten USA Club of The Serendra Group Robert G. Wilmers M&T Bank Mark H. Stumpf Marsha Vande-Berg Arnold & Porter Stanford University Margaret S. Wilson Scarbroughs Gerald A. Sumida Courtney Vaughan Carlsmith Ball LLP Courtney Vaughan LLC Stephen R. Wilson Ameren Corporation Lawrence H. Summers Frank Vogl Harvard University Transparency International B. Philip Winder Polygon Investment Management Joni Swedlund Paul A. Volcker Deloitte Consulting The Volcker Alliance Peter L. Woicke Ashesi University Foundation S. Blake Swensrud Charles V. Wait WorldCell The Adirondack Trust Company

James D. Wolfensohn Wolfensohn & Company LLC

Jolanta Wysocka Mountain Pacific Group

Linda Tsao Yang Asian Corporate Governance Association

Sally Yearwood Inter-American Development Bank

Daniel H. Yergin IHS Cambridge Energy Research Associates

Andrew Young Andrew J. Young Foundation

Gwen Young Wilson Center

Mark R. Yzaguirre University of Houston

Ezra K. Zilkha Zilkha & Sons

Robert B. Zoellick AllianceBernstein

Mortimer B. Zuckerman U.S. News and World Report