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Revised as of August 5, 2013 Public Disclosure Authorized THE WORLD BANK GROUP Public Disclosure Authorized 2012 Annual Meetings of the Boards of Governors Public Disclosure Authorized Summary Proceedings Tokyo, Japan October 12, 2012 Public Disclosure Authorized 8845_CH00_FM_pi-viii.qxp:8845_CH00_FM_pi-viii 7/25/13 3:43 PM Page i THE WORLD BANK GROUP 2012 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Tokyo, Japan October 12, 2012 8845_CH00_FM_pi-viii.qxp:8845_CH00_FM_pi-viii 7/29/13 5:26 PM Page ii THE WORLD BANK GROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org 8845_CH00_FM_pi-viii.qxp:8845_CH00_FM_pi-viii 7/25/13 3:43 PM Page iii INTRODUCTORY NOTE The 2012 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on October 12, 2012 in Tokyo, Japan. The Honorable Riad Toufic Salameh, Governor of the Bank and the Fund for Lebanon served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, the resolutions and reports adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. Jorge Familiar Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. June, 2013 iii 8845_CH00_FM_pi-viii.qxp:8845_CH00_FM_pi-viii 7/25/13 3:43 PM Page iv 8845_CH00_FM_pi-viii.pdf:8845_CH00_FM_pi-viii 8/2/13 12:50 PM Page v CONTENTS Page Address by His Imperial Highness the Crown Prince Naruhito . 1 Opening Address by the Chairman Riad Toufic Salameh Governor of the Bank and the Fund for Lebanon . 2 Annual Address by Jim Yong Kim President of the World Bank Group . 6 Report by Marek Belka Chairman of the Development Committee . 15 Statements by Governors and Alternate Governors . 18 Afghanistan . 18 Japan . 83 Australia . 20 Korea . 87 Bangladesh . 22 Lao, PDR . 92 Belgium . 27 Malaysia . 94 Bolivia . 30 Malta . 97 Cambodia . 33 Myanmar . 99 China . 35 Nepal . 102 *Congo, Democratic New Zealand . 104 Republic of . 39 Philippines Bank . 107 *Denmark . 42 Philippines Fund . 111 Fiji . 45 Poland . 113 France . 52 *Qatar . 115 Germany . 56 Sri Lanka . 120 *Grenada . 60 Thailand . 122 *Iceland . 65 Timor-Leste . 126 India . 67 Tonga . 130 Indonesia . 70 Turkey . 133 Iran, Islamic Republic of . 72 *Vanuatu . 135 Ireland . 74 Vietnam . 139 Israel . 80 * Speaking on behalf of a group of countries. v 8845_CH00_FM_pi-viii.pdf:8845_CH00_FM_pi-viii 8/2/13 12:50 PM Page vi Page Documents of the Boards of Governors . 143 Schedule of Meetings . 143 Provisions Relating to the Conduct of the Meetings . 144 Agenda . 145 Joint Procedures Committee . 146 Report II . 147 Report III . 149 MIGA Procedures Committee . 151 Report I . 152 Resolutions Adopted by the Board of Governors of the Bank between the 2011 and 2012 Annual Meetings . 154 No. 621 2010 Membership of South Sudan . 154 No. 622 Amendment of Board of Governors Resolution No. 294 . 156 No. 623 Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank . 157 No. 624 2012 Regular Election of Executive Directors . 158 No. 625 Forthcoming 2015 Annual Meetings . 158 Resolutions Adopted by the Board of Governors of the Bank at the 2012 Annual Meetings . 159 No. 626 Financial Statements, Accountants’ Report and Administrative Budget . 159 No. 627 Allocation of FY12 Net Income . 159 No. 628 Resolution of Appreciation . 160 Resolution Adopted by the Board of Governors of IDA between the 2011 and 2012 Annual Meetings . 161 No. 229 Membership of South Sudan . 161 Resolutions Adopted by the Board of Governors of IDA at the 2012 Annual Meetings . 164 No. 230 Financial Statements, Accountants’ Report and Administrative Budget . 164 No. 231 Resolution of Appreciation . 164 vi 8845_CH00_FM_pi-viii.pdf:8845_CH00_FM_pi-viii 7/31/13 9:17 AM Page vii Page Resolutions Adopted by the Board of Governors of IFC between the 2011 and 2012 Annual Meetings . 165 No. 255 Membership of South Sudan . 165 No. 256 Amendment to the Article of Agreement and 2010 Selective Capital Increase . 166 Resolutions Adopted by the Board of Governors of IFC at the 2012 Annual Meetings . 173 No. 257 Financial Statements, Accountants’ Report, Administrative Budget and Designations of Retained Earnings . 173 No. 258 Resolution of Appreciation . 174 Resolutions Adopted by the Council of Governors of MIGA between the 2011 and 2012 Annual Meetings . 175 No. 90 Membership of South Sudan . 175 No. 91 2012 Regular Election of Executive Directors . 176 Resolutions Adopted by the Council of Governors of MIGA at the 2012 Annual Meetings . 177 No. 92 Financial Statements and the Report of the Independent Accountants . 177 No. 93 Resolution of Appreciation . 177 Reports of the Executive Directors of the Bank . 178 Membership of South Sudan . 178 Appointment of Members of the Development Committee Amendment of the Governors Resolution No. 294 . 179 Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank . 180 2012 Election of the Executive Directors . 182 Rules for the 2012 Regular Election of Executive Directors . 183 Statement of Results of 2012 Election of Executive Directors . 188 2015 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund . 194 Allocation of FY12 Net Income . 195 vii 8845_CH00_FM_pi-viii.pdf:8845_CH00_FM_pi-viii 7/31/13 9:17 AM Page viii Page Report of the Board of Directors of IDA Membership of South Sudan . 196 Report of the Board of Directors of IFC Membership of South Sudan . 197 Reports of the Board of Directors of MIGA Membership of South Sudan . 198 2012 Election of Directors . 199 Rules for the 2012 Regular Election of Directors . 202 Statement of Results of 2012 Election of the Board of Directors . 205 Accredited Members of Delegations at the 2012 Annual Meetings . 211 Accredited Members of Delegations (MIGA) at the 2012 Annual Meetings . 244 Observers at the 2012 Annual Meetings . 265 Executive Directors and Alternates, IBRD, IFC, IDA . 270 Directors and Alternates, MIGA . 272 Officers of the Board of Governors and Joint Procedures Committee for 2012–13 . 274 Officers of the MIGA Council of Governors and Procedures Committee for 2012–13 . 275 viii 8845_CH00_FM_pi-viii.qxp:8845_CH00_FM_pi-viii 7/25/13 3:43 PM Page ix ix 8845_CH01_p001-142.qxp:8845_CH01_p001-142 7/25/13 3:43 PM Page 1 ADDRESS BY HIS IMPERIAL HIGHNESS THE CROWN PRINCE NARUHITO I am pleased that the 67th Annual Meetings of the International Monetary Fund and the World Bank Group are being held in Tokyo with many participants from all over the world. First of all, I would like to take this opportunity to express my sin- cere gratitude for the warm support and encouragement that we received from your countries and many others in the world when Japan was struck by the unprecedented disaster in March last year. I am glad that today I can show you a nation that is recovering steadily from the damage, thanks to the support of the international community. Since their foundation, the IMF and the World Bank Group have assisted member countries facing economic difficulties and have pro- moted economic development in developing countries. They have thus contributed significantly to the stable growth of the world economy, as well as to the elimination of poverty. I would like to express my sincere respect for the great achievements of the IMF and the World Bank Group. Japan joined the IMF and the World Bank 60 years ago in 1952. During the initial period of our membership, Japan received financial assistance from the IMF and the World Bank. Such international sup- port, coupled with the efforts of the Japanese people, enabled us to achieve our rapid economic development. Now, Japan is supporting countries facing economic difficulties and poverty through the active contribution to the activities of the IMF and the World Bank Group. Today, the world economy needs to address various challenges, such as sustaining economic growth, stabilizing international finance, recovering employment and reducing poverty, and responding to large- scale disasters and climate change. These global challenges require global efforts based on the spirit of international cooperation. I have high expectations that the IMF and the World Bank Group will play an increasingly important role in these efforts. After the Great East Japan Earthquake, we have recognized the importance of mutual assistance and acting in solidarity. Many mes- sages of sympathy received from abroad mentioned that it was truly impressive to see the disaster victims, even under such severe condi- tions, helping each other to take steps towards reconstruction. Such a spirit of cooperation is equally valuable in the international commu- nity. I hope that the Annual Meetings held here in Japan will offer an opportunity to strengthen the solidarity among countries, which will help to promote our efforts in unity for addressing global challenges. 1 8845_CH01_p001-142.qxp:8845_CH01_p001-142 7/25/13 3:43 PM Page 2 OPENING ADDRESS BY THE CHAIRMAN, RIAD TOUFIC SALAMEH, GOVERNOR OF THE WORLD BANK AND THE FUND FOR LEBANON Welcome to the 66th Plenary of the Boards of Governors of the International Monetary Fund and the World Bank Group. I would like to begin by expressing my utmost appreciation to His Imperial Highness, the Crown Prince, for gracing us with his presence. I would like to thank the Government of Japan on behalf of the IMF and the World Bank Group for hosting this year’s Annual Meetings.