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World Bank Group Timeline

November 15, 1947

The United Nations and World Bank formalize relationship

The agreement with the United Nations is initially approved by the World Bank’s Board of Governors in September 1947 and then by the United Nations General Assembly on November 15, 1947. The agreement identifies the Bank as a specialized agency as defined by the Charter of the United Nations. Importantly, it characterizes the Bank as an independent organization and outlines its freedom in matters of lending and financial management.

Resource Gallery

IBRD Board of Governors - Second Annual Meeting - Resolution No. 24

Document date: Sept. 16, 1947
At its second annual meeting, the World Bank Board of Governors approves the terms and conditions of its relationship with the United Nations.

Summary of agreement between the World Bank and United Nations

Oct. 2, 1947
The summary contains a description of the agreement ratified by the Bank's Board of Governors. The summary covers three areas: the special position of the Bank, representation, and cooperation (30151250).

Interview with Richard H. Demuth

Interview date: Aug. 10, 1961
Discusson of the agreement between the UN and World Bank is on pages 16-23.

Agreement between the UN and the IBRD

c. 1948
The UN/World Bank agreement defines the terms of their relationship, including reciprocal representation, consultation and exchange of information, and administrative relationships (30151254). 

Draft of UN/World Bank agreement

April 16, 1948
An early draft of the UN/World Bank agreement includes the handwritten notes of Richard Demuth, then assistant to Vice President Robert Garner (30151249).

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