THE WORLD BANK GROUP THE WORLD BANK GR WORLD THE 2003 A Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Public Disclosure AuthorizedPublic Disclosure Authorized NNUAL Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org M EETINGS Cable Address World Bank: INTBAFRAD OUP IFC: CORINTFIN THE WORLD BANK GROUP IDA: INDEVAS OF MIGA: MIGAVEST THE B SUMMARY PROCEEDINGS SUMMARY O Public Disclosure AuthorizedPublic Disclosure Authorized ARDS OF 2003 ANNUAL MEETINGS G OVE OF THE RNORS BOARDS OF GOVERNORS Public Disclosure AuthorizedPublic Disclosure Authorized Summary Proceedings Dubai, United Arab Emirates September 23–24, 2003 Public Disclosure AuthorizedPublic Disclosure Authorized 0500219-SummaryPro2003 1 9/3/04, 3:09 PM THE WORLD BANK GROUP 2003 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS DUBAI, UNITED ARAB EMIRATES SEPTEMBER 23–24, 2003 INTRODUCTORY NOTE The 2003 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 during September 23rd and 24th, 2003 in Dubai, United Arab Emirates. The Honorable Kaspar Villiger, Governor of the Bank and the Fund for Switzerland, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, and resolutions adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. W. Paatii Ofosu-Amaah Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. June, 2004 iii CONTENTS Page Remarks by the H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry, United Arab Emirates . 1 Opening Address by the Chairman Kaspar Villiger Governor of the Bank and the Fund for Switzerland . 5 Annual Address by James D. Wolfensohn President of the World Bank Group . 11 Report by Trevor Manuel Chairman of the Development Committee . 19 Statements by Governors and Alternate Governors . 22 Afghanistan . 22 *Iceland . 83 Australia . 23 India . 87 Belarus . 29 Indonesia . 91 Belgium . 32 Iran, Islamic Republic Bosnia and . of . 94 Herzegovina . 37 Ireland . 96 *Burkina Faso . 41 Israel . 98 Cambodia . 50 Italy . 100 Canada . 53 Japan . 104 China . 57 Korea . 110 Croatia . 60 Lao People’s Democratic Cyprus . 62 Republic . 113 Fiji . 64 *Latvia . 116 France . 68 Libya . 117 Germany . 71 Macedonia, FYR . 119 Greece . 72 Malaysia . 123 *Guyana . 76 Malta . 126 *Iceland . 79 Myanmar . 128 * Speaking on behalf of a group of countries. v Page Nepal . 131 Spain . 164 Netherlands . 134 Sri Lanka . 167 New Zealand . 136 Thailand . 169 Pakistan . 138 Tonga . 172 *Palau . 141 Turkey . 174 Papua New Guinea . 145 Ukraine . 176 Paraguay . 149 *United Arab Emirates 179 Philippines . 151 United Kingdom . 185 Poland . 153 United States . 193 Portugal . 155 Venezuela . 195 Russian Federation . 157 Vietnam . 196 Concluding Remarks by James D. Wolfensohn . 199 Concluding Remarks by the Chairman Kaspar Villiger . 202 Remarks by Lim Hng Kiang, Governor of the Bank for Singapore . 204 Documents of the Boards of Governors . 205 Schedule of Meetings . 205 Provisions Relating to the Conduct of the Meetings . 206 Agendas . 207 Joint Procedures Committee . 208 Report I . 209 Report III . 211 MIGA Procedures Committee . 213 Report I . 214 Resolutions Adopted by the Board of Governors of the Bank Between the 2002 and 2003 Annual Meetings . 216 No. 550 First Amendment to the Agreement for the Establishment of the Joint Vienna Institute . 216 No. 551 Direct Remuneration of Executive Directors and their Alternates . 216 Resolutions Adopted by the Board of Governors of the Bank at the 2003 Annual Meetings . 217 No. 552 Financial Statements, Accountants’ Report and Administrative Budget . 217 *Speaking on behalf of a group of countries. vi Page No. 553 Allocation of FY03 Net Income . 217 No. 554 Forthcoming Annual Meetings of the Boards of Governors Change of 2004 Annual Meetings Dates . 218 No. 555 Resolution of Appreciation . 218 Resolutions Adopted by the Board of Governors of IFC at the 2003 Annual Meeting . 219 No. 237 Financial Statements, Accountants’ Report and Administrative Budget . 219 No. 238 Membership of Bhutan . 219 No. 239 Resolution of Appreciation . 221 Resolutions Adopted by the Board of Governors of IDA at the 2003 Annual Meeting . 222 No. 205 Financial Statements, Accountants’ Report and Administrative Budget . 222 No. 206 Resolution of Appreciation . 222 Resolutions Adopted by the Council of Governors of MIGA Between the 2002 and 2003 Annual Meetings . 223 No. 64 Amendment to Resolution No. 57 of the Council of Governors . 223 No. 65 Amendment to MIGA’s By-Laws with Respect to Financial Statements . 224 Resolutions Adopted by the Council of Governors of MIGA at the 2003 Annual Meeting . 225 No. 66 Financial Statements and Accountants’ Report . 225 No. 67 Resolution of Appreciation . 225 Reports of the Executive Directors of the Bank . 226 First Amendment to the Agreement for the Establishment of the Vienna Institute . 226 Allocation of FY03 Net Income . 229 Report of the Board of Directors of IFC . 230 Membership of Bhutan . 230 vii Page Reports of the Board of Directors of MIGA . 231 Proposed Amendment to Resolution No. 57 of the Council of Governors . 231 Proposal to Amend MIGA’s By-Laws with Respect to Financial Statements . 245 Accredited Members of Delegations at the 2003 Annual Meetings . 248 Accredited Members of Delegations (MIGA) at the 2003 Annual Meetings . 273 Observers at the 2003 Annual Meetings . 284 Executive Directors and Alternates, IBRD, IFC, IDA . 289 Directors and Alternates, MIGA . 291 Officers of the Boards of Governors and Joint Procedures Committee for 2003–04 . 293 Officers of the MIGA Council of Governors and Procedures Committee for 2003–04 . 294 viii STATEMENT BY H.H. SHEIKH HAMDAN BIN RASHID AL MAKTOUM DEPUTY RULER OF DUBAI AND MINISTER OF FINANCE AND INDUSTRY UNITED ARAB EMIRATES Your Highnesses, Mr. Chairman, Governors, Mr. Wolfensohn, Mr. Köhler, ladies, and gentlemen, I have the great honor to welcome you to the United Arab Emirates, on behalf of His Highness Sheikh Zayed bin Sultan Al Nahyan, President of the UAE; His Highness Sheikh Maktoum bin Rashid Al Maktoum, Vice-President, Prime Minister, and Ruler of Dubai; and the members of the Federal Supreme Council; on the occasion of the 2003 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund. This gathering of representatives from the Bank and Fund’s 184 members symbolizes the equality of all the peoples of the world, and underscores that the problems and challenges facing the global econ- omy and the international financial system today are of concern to all countries and can only be addressed effectively through cooperation and if all of our voices are heard. The Annual Meetings are for the first time being convened in an Arab country, and we hope that this will be the first of many such gatherings in our part of the world. The selection of the United Arab Emirates as host for your meetings recognizes that this region is an integral part of the world economy and a key player in today’s multilateral system. The Arab world is a region of tremendous richness, diversity, and potential, bound together by close historical and cultural ties. It is one of the oldest centers of learning and tolerance, and the birthplace of many of the world’s magnificent civilizations and religions. Most impor- tantly, it is filled with talented and resourceful people who have a strong desire to contribute to the progress and prosperity of mankind. But this part of the world will not be able to realize its full economic potential until a just and permanent solution to the regional conflict is found and the international community makes a serious effort to bring peace and security to the region. In Iraq, rays of hope are starting to emerge for a free society founded on the rule of law. A stable Iraq, at peace with itself and with its neigh- bors, is in the collective interest of all of us, particularly those of us in this region of the world. Iraq must once again become stable, prosperous, and a responsible partner in the international community, and the Iraqi people must be free to determine their own political future and control their own natural resources. We believe that the international commu- nity must contribute to the reconstruction of Iraq in all areas. 1 Moreover, the present situation in the occupied Palestinian territo- ries is sadly marked by deteriorating living conditions and increasing social and economic despair. Without a lasting settlement that guaran- tees justice, peace, and security to all the peoples of the region, as well as an independent state to the Palestinian people, instability will con- tinue to undermine economic progress in this part of the world. The international community must do its utmost to help the Palestinian people build a better future for themselves. The United Arab Emirates has been completely transformed since its formation in 1971. A relatively undeveloped region has become, as you can see, a modern state that enjoys a high standard of living and is well integrated with the rest of the world. The UAE serves as an excel- lent example of what a country can accomplish if it pursues economic liberalization, creates an environment conducive to private sector activ- ity, and preserves political and social stability. This success is a result of the government’s policy of diversifying revenue sources by supporting and encouraging the non-oil sector and investments in the domestic and foreign private sectors.