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1994 Annual Meetings ;;; .," THE WORLD BANK GROUP 1994 ANNUAL MEETINGS Public Disclosure Authorized OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized MADRID, SPAIN OCTOBER 4-6, 1994 -,.. ",' Public Disclosure Authorized THE WORLD BANK GROUP 1994 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS MADRID, SPAIN OCTOBER 4-6, 1994 INTRODUCTORY NOTE The 1994 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruction 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 in Madrid, Spain, October 4-6, 1994 (inclusive). The Honorable M. Saifur Rahman, Governor for the Bank and the Fund for Bangladesh, served as Chairman. The Summary Proceedings record in alphabetical order by member country, the texts of statements by Governors relating to the activities of The World Bank Group. The texts of statements concerning the IMF are published sepa­ rately by the Fund. T. T. THAHANE Vice President and Secretary THE WORLD BANK GROUP Washington, D.C. February 1995 iii CONTENTS Page Remarks by His Majesty King Juan Carlos I ...................... Opening Address by the Chairman M. Saifur Rahman Governor of the Fund and the Bank for Bangladesh. 4 Annual Address by Lewis T. Preston President of the World Bank Group. .. .. .. 11 Report by Mourad Cherif Chairman of the Development Committee . 15 Statements by Governors and Alternate Governors. 17 Page Page Afghanistan ............ 17 Israel.................... 89 Armenia ................ 18 Italy..................... 92 Australia ............... 19 Japan................... 95 Austria ................. 22 Korea, Republic of. 101 Belgium ................ 23 *Kuwait.................. 103 Bulgaria ................ 27 Lao People's Democratic Cambodia .............. 29 Republic. 108 Canada ................. 31 Lesotho .. .. .. .. .. .. .. .. 11 0 China .................. 33 Libya, Socialist People's * Colombia ............... 36 Arab Jamahiriya ... , . III Cote d'Ivoire ........... 40 *Lithuania. .. .. 113 Croatia ................ 42 Malaysia. .. .. .. .. .. .. 115 EI Salvador ............. 45 Malta................... 117 Eritrea .................. 47 Moldova .. .. .. .. .. .. .. .. 120 Fiji. " .................. 48 Nepal................... 122 *Finland ................. 51 Netherlands. .. 124 France .................. 54 New Zealand. 127 Germany ............... 57 *Norway ................. 129 *Germany ............... 63 Pakistan................. 133 Greece ................. 68 Papua New Guinea . 135 *Guinea ................. 70 Philippines.............. 140 India ................... 75 Poland.................. 144 Indonesia ............... 78 Romania . 146 Iran, Islamic Republic of . 81 Rwanda................. 149 Iraq .................... 84 Russian Federatio!l ...... 154 Ireland ................. 86 * Solomon Islands. 158 * Speaking on behalf of a group of countries. v Page Page South Africa. 160 Spain................... 176 *St. Vincent and Ukraine . 180 the Grenadines . 162 United Kingdom. 183 Switzerland. 165 United States. ...... ... 187 Thailand................. 169 Uzbekistan.............. 192 Tonga................... 170 * Venezuela. 195 Turkey.................. 174 Viet Nam. 201 Concluding Remarks by Lewis T. Preston ...... 203 Concluding Remarks by the Chairman Saifur Rahman . 205 Remarks by Paul Dossou, Governor of the Fund for Benin . 208 Documents ofthe Boards of Governors. 209 Schedule of Meetings. 209 Provisions Relating to the Conduct of the Meetings. 210 Agendas....................................................... 211 Joint Procedures Committee...................................... 212 Report II . 213 Report III ..................................................... 215 MIGA Procedures Committee. 217 Report I. 218 Resolutions Adopted by the Board of Governors of the Bank Between the 1993 and 1994 Annual Meetings................. 220 No. 483 ... Transfer from Surplus to Fund Emergency Rehabilitation Program for Gaza . 220 No. 484 ... Remuneration ofthe President . 220 No. 485 ... Establishment of the Joint Vienna Institute. 220 No. 486 ... Membership of Eritrea. ............................. 221 No. 487 ... Protection ofthe Global Environment ..... 224 No. 488 ... Direct Remuneration of Executive Directors and their Alternates. 224 No. 489 ... Forthcoming Annual Meetings. 225 No. 490 ... Invitation of Observers to Meetings of the Board of Governors ................................ 225 No. 491 ... 1994 Regular Election of Executive Directors. 225 Resolutions Adopted by the Board of Governors of the Bank at the 1994 Annual Meetings. 226 * Speaking on behalf of a group of countries. vi No. 492 ... Financial Statements, Accountants' Report and Administrative Budget. 226 No. 493 ... Allocation of FY94 Net Income. 226 No. 494 ... Resolution of Appreciation.......................... 227 Resolutions Adopted by the Board of Governors of the IFC Between the 1993 and 1994 Annual Meetings. 228 No. 199 ... Increase of Subscription by Kuwait to the Capital of the Corporation ..... 228 No. 200 ... Increase of Subscription by Senegal to the Capital of the Corporation .................... 229 No. 201 ... Increase of Subscription by United Arab Emirates to the Capital of the Corporation .................... 231 No. 202 ... Increase of Subscription by Ghana to the Capital of the Corporation .. 232 No. 203 ... Increase of Subscription by Peru to the Capital of the Corporation. 233 No. 204 ... Increase of Subscription by China to the Capital of the Corporation .. 235 No. 205 ... Increase of Subscription by Mexico to the Capital of the Corporation . 236 No. 206 ... Increase of Subscription by Nicaragua to the Capital ofthe Corporation .................... 237 No. 207 ... Increase of Subscription by Cameroon to the Capital of the Corporation. 238 No. 208 ... Increase of Subscription by Burkina Faso to the Capital of the Corporation . 240 No. 209 ... Increase of Subscription by Guinea Bissau to the Capital of the Corporation. 241 Resolutions Adopted by the Board of Governors of the IFC at the 1994 Annual Meetings. 243 No. 210 ... Financial Statements, Accountants' Report and Administrative Budget. 243 No. 211 ... Resolution of Appreciation.......................... 243 Resolutions Adopted by the Board of Governors of IDA Between the 1993 and 1994 Annual Meetings. 244 No. 176 ... Portugal - Change in Membership Status. 244 No. 177 ... Spain - Change in Membership Status. 245 No. 178 ... Membership of Eritrea. 246 Resolutions Adopted by the Board of Governors of IDA at the 1994 Annual Meetings. 249 vii No. 179 ... Financial Statement, Accountants' Report and Administrative Budget ......................... 249 No. 180 ... Resolution of Appreciation.......................... 249 Resolutions Adopted by the Council of Governors of MIGA Between the 1993 and 1994 Annual Meetings. 250 No. 46 ... Reclassification of South Africa. 250 No. 47 ... Increase in Overall Limit of Guarantee Capacity.. 250 No. 48 ... Review of the Activities of the Agency in Accordance with Article 67 of the MIGA Convention. 251 No. 49 ... Election of Directors. 252 Resolution Adopted by the Council of Governors of MIGA at the 1994 Annual Meetings. 253 No. 50 ... Resolution of Appreciation. 253 Reports of the Executive Directors of the Bank. 254 Transfer from surplus to Fund Emergency Rehabilitation Program for Gaza . 254 Establishment of the Joint Vienna Institute. 255 Protection of the Global Environment. 264 Forthcoming Annual Meetings ................................. 303 Invitation of Observers to Meetings of the Board of Governors. 303 1994 Regular Election of Executive Directors. 308 Rules for the 1994 Regular Election of Executive Directors ........ 309 Executive Directors Elected at the 1994 Regular Election . 313 Allocation of FY94 Net Income. 319 Reports of the Board of Directors of IFC . 320 Increase of Subscription by Kuwait to the Capital of the Corporation ........................................ 320 Increase of Subscription by Senegal and United Arab Emirates to the Capital of the Corporation. 320 Increase of Subscription by Ghana and Peru to the Capital of the Corporation. .. ... .. ... 321 Increase of Subscription by China and Mexico to the Capital ofthe Corporation........................................ 322 Increase of Subscription by Nicaragua to the Capital of the Corporation ........................................ 322 Increase of Subscription by Cameroon to the Capital of the Corporation. 323 Increase of Subscription by Burkina Paso and Guinea Bissau to the Capital of the Corporation. 323 viii Report of the Executive Directors of IDA Portugal and Spain - Change in Membership Status. 325 Reports of the Board of Directors of MIGA. 326 Reclassification of South Africa from a Category One Country to a Category Two Country. 326 Increase in Overall Limit of Guarantee Capacity. 327 Review of the Activities of the Agency in Accordance with Article 67 of the MIGA Convention. 329 1994 Regular Election of Directors. 333 Rules for the 1994 Regular Election of Directors (MIGA) . 335 Directors Elected at the 1994 Regular Election (MIGA) . 338 Accredited Members of Delegations at the 1994 Annual Meetings. 343 Accredited Members of Delegations (MIGA) at the 1994 Annual Meetings................................
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