Japan and the World Bank

Last updated

Japan joined the World Bank Group in August 1952. [1] Loans that were taken out by Japan focused on improving infrastructure, having electrical power generation, improving water, establishing basic industry development and improving transportation. [1] Japan now is the second-largest creditor to the World Bank, [1] and in 1970 established an office in Tokyo. [2]

Contents

Japan joins the World Bank

Post World War II, Japan signed the US–Japan Security Treaty in 1951 with the United States, and in 1952 Japan signed the Treaty of San Francisco, settling post-war international tensions and re-establishing Japan's position after its participation with the Axis Powers. [3] [4] Additionally, it is important to note that Japan lacks the natural resources and the space for agriculture to support its dense population. [5] To meet this need, Japan increased its manufacturing to increase exports and receive foreign dollars in order to pay for the necessary imports of raw materials. [6] Japan's exports manufactured products include electronics, motor parts, and cars. [5] [7] [8] In exporting to its foreign recipients, Japan sorts its balance of payments and is able to afford imports on foreign dollars.

As Japan needed a jump start on this manufacturing and restructuring, Japan began joining international organizations, like the IMF and the World Bank. [9] In August of 1952, Japan became a member of the World Bank, [10] a decision supported by U.S. [11] A year later, in 1953, Japan received loans from the World Bank to start development projects including the improvement of infrastructure, electricity, and transportation. [10] With the foreign currency loans from the bank, Japan was able to make serious repairs to the damages from World War II and being its economic growth again. [12]

During the 1960s, Japan's economy grew immensely, rising as the second most powerful economy after the United States. [13] This became known as the Japanese Economic Miracle, and it helped Japan to rise as a power and transition from a borrower of the World Bank to a contributor.

Shifting from borrowing to lending

Japan finished repaying its debt by 1990, at which point the World Bank and Japan established the Policy and Human Resources Development Fund (PHRD). [2] Between 1950 and 1960 Japan was seen as the "Major Borrower" because of the total amount of loans they were taking out. [2] At the turn of 1967, Japan graduated from "Borrower Status," instead becoming a creditor. [2] From 1970 to 1980, Japan went forward to become the 2nd Largest Shareholder during 1984. [2]

Japan: the second largest contributor to the World Bank

The World Bank consists of different funding organizations, such as the IBRD, IFC, IDA, and MIGA. [14] [15] The World Bank allots each country a set number of votes and then additional votes according to the shares that a country holds within that organization. [16] Japan currently holds 7.08% of voting power in the International Bank for Reconstruction and Development (IBRD) (June 30, 2024), 7.34% in the International Finance Corporation (IFC) (July 26, 2024), 8.42% in the International Development Agency (IDA) (June 30, 2024), and 4.16% in the Multilateral Investment Guarantee Agency (MIGA) (June 30, 2024). [17] These percentages are relatively high in comparison to the voting power of the other 189 members. [18]

After the United States, Japan is the second largest voting power of the World Bank since 1984, followed by China, Germany, and then the United Kingdom. [19] [20] Japan, along with the four other largest shareholders, choose five executive directors for the Board of Executive Directors. [14] [21] It is often understood that Japan's voting power in the World Bank reflects its global economic status. However, Japan's status and triumphant economy is slowing stagnating, [22] with a lack of labor and Japanese businesses seeking foreign investors rather than domestic. [23] In combination with slow demand and consumption, Japan entered a recession, [24] and in 2023, Japan's Cabinet Office announced the country fell behind Germany, with a new position as the third-largest economy. [25] Already, in the IMF, it is suspected that Japan will fall from its position as second shareholder after the U.S., since shareholder's are analyzed based on economy size and GDP. [26] With the World Bank's voting allocations reflecting that of the IMF, [27] it's possible to see a shift in Japan's influence in the World Bank in upcoming years as other countries, like India and Germany, rise up and take on more shares. [28]

Japan's World Bank Group Executive Director is Hideaki Imamura [29] (in office since July 2023) and the Alternate Executive Director is Koji Uemura [30] (since July 29,2023). The Executive Director represents Japan and governs with the other Executive Directors of the World Bank in conducting daily operations of the organization. [31] [15]

Japan's influence within the World Bank Group

Masonori Yoshida is the current executive director for Japan within the World Bank. Yoshida works closely with 24 other executive directors within the World Bank to fight global poverty and also focus on development with 189 other countries. [32] Yoshida previously held the alternative executive director role from 2000 to 2003 and became the executive director for Japan on August 6, 2018. [33] Masonori Yoshida has not only kept within the World Bank Group but has also jumped to the International Monetary Fund and served as the Adviser to the European Department. [33] Japan's voting power within the International Bank for Reconstruction and Development is 193,708 number of votes and currently holds about 7.79% of the votes within the IBRD. [34] In the International Development Association (IDA), Japan has a total of 193,708 votes and that makes up about 7.79% of the votes. [35] In the International Finance Corporation (IFC), Japan has a total of 163,349 votes and has about 6.01% of the votes. [36] In the Multilateral Investment Guarantee Agency (MIGA) Japan has a total of 9,205 of the total number of votes which makes up 4.22% of the votes. [37] Kenichi Nishikata became the alternative executive director for Japan in July 2017. [32] Nishikata served as the Senior Adviser for the executive director of Japan from 2006 to 2009 and then became the alternative executive director for Japan. [38] Nishikata has held several different leadership roles within Japan which made him a perfect fit as executive director. [38]

Japan's recent contributions

The World Bank holds an annual meeting, based in Washington D.C., to review the progress of the Bank. [39] The Development Committee comes together, consisting of members of the Board of Governors of the World Bank and the IMF, to review international developments and individual country contributions.

As such a large economic power and international player, Japan has a sent funding and supported loans for countries in war times. Most recently, during the 109th Meeting of the Developmental Committee on April 19, 2024, Japan released a statement expressing concern for the Russia and Ukraine crisis and advocating for the World Bank to offer support to Ukraine. [40] In this statement, Japan announced its credit enhancement to the IBRD for $5 billion in loans to be given to Ukraine for reconstructions purposes in addition to the $470 million grant Japan has already given Ukraine through the IBRD for use of public services and directly helping the Ukrainian people. [40] Additionally, Japan made a statement regarding the Gaza conflict announcing its contribution of $2 million to MIGA and the Gaza Trust Fund for future repairs. [40]

In regards to the global COVID-19 epidemic, Japan donated $3.4 billion to the IDA of the World Bank for countries financially suffering due to effects and rise of COVID in 2021. [41]

JICA

In addition to its contributions to the World Bank, Japan promotes infrastructure development and advancement towards disability inclusion through JICA. In 1974, the Japan International Cooperation Agency (JICA) was founded with focuses on social services climate change, and infrastructure in developing countries. [42]

ADB

In 1965 Japan led the creation of the Asian Development Bank [43] which is focused on making investments for developments and projects of its members. The ADB consists of over 40 regional countries, especially from the regional area of Southeast Asia. [44]

Past projects

In total, Japan has had about 31 Loans from the World Bank. The final repayment was in July 1990. [45] Since then Japan has become one of the top contributors that funds the World Bank. [45]

YearDate signedBeneficiaryProjectCurrent status
1953October 15 Kansai Electric Power Co. Ltd. Tanagawa Thermal Power StationCompleted
1953October 15 Kyushu Electric Power Co. Ltd. Karita Thermal Power StationCompleted
1953October 15 Chubu Electric Power Co. Ltd. Yokkaichi Thermal Power StationCompleted
1955October 25 Yawata Iron & Steel Co. Ltd. Steel-plate Production FacilitiesCompleted
1956February 21 Nippon Steel Tube Co. Ltd. Seamless Tube Production FacilitiesCompleted
1956February 21 Toyota Motor Co. Ltd. Koromo Plant Truck and Bus Machine ToolsCompleted
1956February 21 Ishikawajima Heavy Industries Co. Ltd. Tokyo Marine Engine Turbine Production FacilitiesCompleted
1956February 21 Mitsubishi Shipbuilding & Engineering Co. Ltd. Nagasaki Shipyard Diesel engine Production FacilitiesCompleted
1956December 19 Kawasaki Steel Corporation Chiba Plant Hot and Cold Strip MillsCompleted
1956December 19Agricultural Land Development Machinery Public CorporationSeveral Agricultural Development ProjectsCompleted
1957August 9Aichi Waterworks CorporationPublic Water Project in Aichi Prefecture Completed
1958January 9Kawasaki Steel Corporation (2nd Loan)Chiba Works 1,000 Ton Blast Furnace, Coke OvenCompleted
1958June 13Kansai Electric Power Co. Ltd. (2nd Loan)Kurobe No. 4 Hydroelectric Power Station (three turbines; 86MW)Completed
1958June 27 Hokiriku Electric Power Co. Ltd. Arimine Hydroelectric Power Station (261MW)Completed
1958July 11 Sumitomo Metal Industries Ltd. Wakayama Works 1,000 Ton Blast Furnace and Blooming MillCompleted
1958August 18 Kobe Steel Ltd. Nadahama 800 Ton Blast Furnace and Wakihama Steel MillCompleted
1958September 10Chubu Electric Power Co. Ltd. (2nd Loan)Hatanagi No. 1 and No. 2 Hydroelectric Power Stations (85 MW)Completed
1958September 10Nippon Steel Tube Co. Ltd. (2nd Loan)Mizue Works 60 Ton Steel ConverterCompleted
1959February 17Electric Power Development Co. Ltd.Miboro Hydroelectric Power Station (215 MW)Completed
1959November 12 Fuji Iron & Steel Co. Ltd. Hirohata Works 1,500 Ton Blast Furnace, Converter and Blooming MillCompleted
1959November 12Yawata Iron & Steel Co. Ltd. (2nd Loan)Tobata Works 1,500 Ton Blast Furnace, Converter and Blooming Mill (two)Completed
1960March 17 Japan Highway Public Corporation Amagasaki Ritto Section of the Meishin Expressway Completed
1960December 20Kawasaki Steel Corporation (3rd Loan)Chiba Works Slab Casting Facilities ConstructionCompleted
1960December 20Sumitomo Metal Industries, Ltd. (2nd Loan)Wakayama Works Combined MillCompleted
1961March 16Kyushu Electric Power Co. Ltd. (2nd Loan)Shin-Kokura Thermal Power Station (156 MW)Completed
1961May 2 Japan National Railways Tokaido Shinkansen (Bullet Train) Line Completed
1961November 29Japan Highway Public Corporation (2nd Loan)Ichinomiya Ritto & Amagasaki Nishinomiya Sections of the Meishin ExpresswayCompleted
1963September 27Japan Highway Public Corporation (3rd Loan)Tokyo Shizuoka Section of the Tomei Expressway Completed
1964April 22Japan Highway Public Corporation (4th Loan)Toyokawa Komaki Section of the Tomei ExpresswayCompleted
1964December 23Metropolitan Expressway Public CorporationHaneda Yokohama Section of the Metropolitan Expressway Completed
1965January 13Electric Power Development Co. Ltd. (2nd Loan)Kuzuryugawa Hydroelectric Power Stations (Nagano and Yugami)Completed
1965May 26Japan Highway Public Corporation (5th Loan)Shizuoka Toyokawa Section of the Tomei ExpresswayCompleted
1965September 10Hanshin Expressway Public CorporationKobe Line No. 1Completed
1966July 29Japan Highway Public Corporation (6th Loan)Tokyo Shizuoka Section of the Tomei ExpresswayCompleted

[45]

Joint ventures with the World Bank

The Government of Japan and the World Bank Group both have joint ventures, used to strengthen the relations between the government of Japan and the organization. [46] The joint ventures are the Japan Policy and Human Resource Development Fund (PHRD), Japan Social Development Fund (JSDF), Climate Investment Fund (CIF) and Learning from Mega Disasters. [46]

Japan policy and the Human Resource Development Fund (PHRD)

In the JSDF, the Government of Japan has funded $3.0 Billion US dollars. [47] The overall purpose for the Japan Policy and Human Resource Development Fund is to help with preparation and implementation which involve the World Bank. [48] The PHRD has been very innovative when it comes to climate change because recently has started co-financing projects that are completely related to climate change. [48] The PHRD is one of the largest funds within the World Bank, and Japan supports it since 1990, and within the last couple of years the PHRD has paid for at least one-third of the IBRD and IDA loans. [48] Japan Policy and Human Resource Development Fund has also been credited with pushing for innovations. [48] The top ten recipients during Fiscal Year 2006 of PHRA TA Grants were Vietnam receiving 10.8 million, Azerbaijan receiving 7.5 million, Kyrgyzstan receiving 4.7 million, The Philippines receiving 4.2 million, Albania receiving 4.0 million, Senegal receiving 4.0 million, Kenya receiving 3.2 million, Nigeria receiving 3.0 million, The Gambia receiving 3.0 million and Indonesia receiving 2.9 million. [48]

Japan Social Development Fund (JSDF)

The Japan Social Development Fund specializes in helping the individuals that were affected by the Asian Financial Crisis, and it focuses mostly on low-income countries. [49] The Japan Social Development Fund was established to provide grants to the countries that need them, and there are three types of grant categories; Regular Program Grants, Special Program Grants, and Seed-Fund Grants. [49] Regular Program Grants were grants that covered up to $3 million US dollars towards activities that would benefit disadvantaged individuals. [49] Special Program Grants, helped the reconstruction of Afghanistan and pushed them forward to become a stable country. [49] Lastly, Seed-Fund Grants are the grants which are used for the preparation phase during the process they are only helpful with $75,000 US dollars. [49] The two main type of grants that Japan Social Development Fund focuses on are Project Grants and Capacity Building Grants. [49] Project Grants are types of grants that focus of benefiting low-income individuals for a short term. [49] Capacity Building Grants are grants that mainly focus on financing partnerships and strengthen relationships. [49]

Climate Investment Fund (CIF)

The Climate Investment Fund is another venture between the World Bank Group and the government of Japan. It focuses on fighting climate change by taking some action to become greener. [50] The amount of money that the Climate Investment Fund has is about $8 billion, and these funds are mainly given to developing and middle-income countries so they can afford climate financing projects without taking a huge risk. [50] Currently the Climate Investment Fund has gathered US$8 billion from 14 different countries and has invested in Climate-Smart Investments in 72 countries. [50] About 57% of the projects that have been financed have been for the public sector while 43% of the projects have been for the private sector. [50] There are four major factors of projects that the Climate Investment Fund focuses on: clean technology, climate resilience, energy access, and having sustainable forests. [50]

Learning from Mega Disasters

Another joint venture from the World Bank and Japan is the Learning from Mega Disasters. [51] The Great East Japan Earthquake (GEJE) was 9.0 earthquake which shook Japan, causing a tsunami and a nuclear power plant disaster. [51] The World Bank and the government of Japan both learned from the earthquake on how other countries should prepare themselves from natural disasters. This information also was given to other countries so they could learn how to prepare for natural disasters before they happened and what to do after they occurred. [51]

World Bank Institute (WBI)

Japan contributes to several different developing countries thanks to the help of the World Bank Institute, and their main focus is to help with initiatives that help developing countries prepare for natural disasters. [46] Another initiative that Japan has focused with the help of the World Bank Institute is Universal Health Coverage. [46]

Sustainable development bonds

Sustainable development bonds is another venture that involved Japan and the World Bank. Recently the World Bank gathered about $2 Billion for the Sustainable Development Bonds, thanks to Japanese investors who currently make up about 85% of the money coming from Japan. [52] The main focus of these bonds is to tackle food waste. [52]

Relations with the United States

Japan and the United States have become economic and military defense allies. Recently, on April 10, 2024, the White House released a United States - Japan Joint Leader's Statement with U.S. President, Joe Biden, and Japan Prime Minister, Kishida Fumio, reaffirming the relationship between the two economic powers of the U.S. and Japan. [53] The statement announces that the U.S. and Japan will continue to support technology projects and invest in programs to promote innovation and ensure economic security for both countries. [53] Upholding this philosophy, Japan and the US continue to support the U.S.-Japan Competitiveness and Resilience (CoRe) Partnership along with many other initiatives including other global financing organizations and security programs. [54] [55]

Contributing over $800 billion to the United States [53] and supporting over 800,000 jobs for Americans, [54] Japan is the largest foreign investor of the U.S., and similarly, the United States is for Japan as well. [56] [53] Other initiatives of focus among the U.S. and Japan includes the Indo-Pacific Economic Framework for Prosperity (IPEF) and the G7 and Asia-Pacific Economic Cooperation (APEC) which focus on competition and inclusivity of global economies. [53]

Related Research Articles

<span class="mw-page-title-main">International Monetary Fund</span> International financial institution

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."

The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States; it is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff.

<span class="mw-page-title-main">World Bank Group</span> Group making loans to developing countries

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group. The bank is headquartered in Washington, D.C., in the United States. It provided around $98.83 billion in loans and assistance to "developing" and transition countries in the 2021 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are:

The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries. MIGA is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.

<span class="mw-page-title-main">World Bank</span> International financial institution

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by environmental and social safeguards.

<span class="mw-page-title-main">Ken Ofori-Atta</span> Ghanaian investment banker and government official

Kenneth Nana Yaw Ofori-Atta, is a Ghanaian investment banker who served as the Minister for Finance and Economic Planning in the cabinet of Nana Akufo-Addo from 2017 to 2024. He was a co-founder of Databank Group, a Ghanaian financial services company, and served as executive chairman until 2012 when he resigned. He was nominated by President Nana Akufo-Addo on 10 January 2017 and assumed office on 27 January 2017 as finance minister. On February 14, 2024, he was relieved of his position as the finance minister of Ghana by Nana Akufo-Addo.

<span class="mw-page-title-main">China and the World Bank</span> Overview of the relationship between China and the World Bank

China originally joined the World Bank Group (WBG) on December 27, 1945. However, after the Chinese Civil War, the World Bank recognized the Republic of China as its member, until the relationship ended in 1980, when the membership was replaced by the People's Republic of China. The People's Republic of China (PRC) did not become involved with the World Bank group until 1980, when it first joined the World Bank in April due to the market reforms known as reform and opening-up. Prior to the economic reform and its relation with the World Bank, according to CRS, "China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy". Since its entry into the World Bank, China has transformed into a market-based economy and has experienced rapid economic and social development. Currently, although China has become the world's second largest economy with 1.4 billion population, it still has a close relationship with the World Bank in areas such as poverty, environmental protection and new challenges from the reform.

Sri Lanka has been involved with the World Bank since its initial entrance into the International Bank for Reconstruction and Development (IBRD) on August 29, 1950. Currently, Sri Lanka's quota in the IBERT is approximately 515.4 million dollars, thus allotting 5,846 votes or 0.25% of the total votes in the institution. Sri Lanka later became a member of the other institutions in the world bank such as the International Finance Corporation (IFC) on July 20, 1956, with a current quota of 7.491 million dollars, allotting 8,311 votes or 0.32% of the total votes; the International Development Association (IDA) on June 27, 1961, with a current share of 98,100 votes or 0.36% within the institution; the International Center for Settlement of Investment Disputes (ICSID) on November 11, 1967; and the Multilateral Investment Guarantee Agency (MIGA) on May 27, 1988, with a current quota of 4.78 million SDR. Sri Lanka is currently in the India-led constituency for these organizations, representing the country as part of the South Asian block.

The World Bank Group country partnership framework aims to support Haiti's efforts to reduce poverty and provide economic opportunities for all Haitians. The framework aims to strengthen institutions, government capacity, and public financial management as aid and concessional financing rapidly decline.

Morocco's involvement with the World Bank primarily focuses on infrastructure, such as road, transport and water sanitation. In addition the bank supports projects across the health sector, youth development, renewable energy, governance and the support of small and medium enterprises (SMEs). 27 projects are ongoing, including three projects initiated in 2017. The World Bank invested over US$1 billion every year from 2014 to 2016.

<span class="mw-page-title-main">Vietnam and the World Bank</span> Vietnams relationship with the World Bank

Vietnam joined the World Bank Group (WBG) on 21 September 1956. Before the mid-1980s, Vietnam was one of the world's least developed countries. A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country. The World Bank (WB) has maintained a development partnership with Vietnam since 1993. As of 25 March 2019, it has committed a total of US$24 billion in loans, credits, and grants to Vietnam through 165 operations and projects, 44 of which are active as of 2019 and comprise US$9 billion. With an estimated extreme poverty rate below 3% and a GDP growth rate of 7.1% in 2018, Vietnam's economy continues to show fundamental strength and is supported by robust domestic demand and export-oriented manufacturing.

The relationship between Ethiopia and the World Bank was formalized on December 27, 1945.

<span class="mw-page-title-main">Croatia and the World Bank</span>

Croatia joined the World Bank in 1993, two years after declaring independence from the Socialist Federal Republic of Yugoslavia in 1991. The World Bank's projects from the mid-1990s to the mid-2000s primarily focused on infrastructural and environmental projects.

<span class="mw-page-title-main">The Democratic Republic of the Congo and the World Bank</span> The DRCs relations with the World Bank

The World Bank Group is a family of five international organizations, which has continuously given leverage loans and financial assistance to developing nations like the Democratic Republic of the Congo, commonly known as the DRC. The country has received assistance from the World Bank in the form of social programs in order to induce and sustain economic development. This assistance has been directed toward conflict prevention, investments in education, and addressing environmental degradation.

<span class="mw-page-title-main">Poland and the World Bank</span>

After separating from the World Bank and other International Financial Institutions for decades due to pressure from the Soviet Union, Poland rejoined the World Bank on June 27, 1986. The World Bank was instrumental in financing and providing technical assistance for Poland as it transitioned from a Command Economy into a Market-Oriented Economy. As a middle income country, Poland has worked primarily with the International Bank for Reconstruction and Development since it is not eligible for loans from the International Development Association. Additionally, Poland has had a few projects with the Multilateral Investment Guarantee Agency and the International Finance Corporation. Currently, most of Poland's engagements with the World Bank Group concern environmental concerns and public finances.

Uganda joined the World Bank on September 27, 1963, along with the IBRD, IDA and IFC. It later joined the ICSID on October 14, 1966, and the MIGA on June 10, 1992. Uganda also holds the chair for the 22 nation Africa Group 1 Constituency, headed by Anne Kabagambe. Uganda holds 0.07% of the vote in the IBRD while its constituency holds 1.92%. In the IFC, Uganda holds 0.05% of the vote while its constituency holds 1.31%. Uganda in the IDA holds 0.18% of the vote, while the Africa Group 1 Constituency commands 4%. In the MIGA, meanwhile, Uganda has 0.21% while its constituency holds 3.54% of the vote.

Jamaica first joined The World Bank Group (WBG) on 21 February 1963, when the island nation became a member of The International Bank for Reconstruction and Development (IBRD), which lends to middle and low income nations. This occurred the same month as Jamaica joining the International Monetary Fund (IMF), and one year after declaring political independence. Since joining The World Bank, Jamaica has received in excess of $3 billion US Dollars in loans and grants. Jamaican Minister of Finance, Donald Sangster, led the Jamaican delegations to World Bank and International monetary Fund meetings between 1963 and 1966, while also serving as Governor of the World Bank and IMF. Sangster would go on to serve briefly as the Prime Minister of Jamaica.

<span class="mw-page-title-main">Mali and the World Bank</span>

Mali joined the World Bank Group in 1963 after they gained their independence from France in 1960. They are a low-income country with 41.3% of their population living under the poverty line in 2019. Additionally, Mali is a landlocked country whose economy is vulnerable to changes in climate. Thus, Mali has relationships with the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporations (IFC), and the Multilateral Investment Guarantee Agency (MIGA). In 2019, the IBRD and IDA committed to lending 500 million US dollars to projects in Mali, a large jump from 2018, where only US$178 million was lent. The bank group is currently involved in 30 projects in the region.These projects focused on areas such as mining, cotton, climate change, good governance, and health. Since 2013, the World Bank Group has worked alongside their UN mission counterpart, MINUSMA to create stability and growth in the region. The current World Bank Country Director for Mali is Soukeyna Kane.

Ireland joined the World Bank on August 8, 1957, and has continued to be a member since then. A majority of the money loaned to Ireland from the World Bank was put towards infrastructure projects, such as power and education. Ireland was able to pay back these loans in the predetermined time frames with little to no issue.

Czech Republic and the International Monetary Fund are the international relations between the Czech Republic and the International Monetary Fund (IMF). The Czech Republic became a member of the International Monetary Fund in January 1993. The Czech Republic has no outstanding loans after paying of all debts to the International Monetary Fund in 1994 and achieved proper currency convertibility in compliance with Article VIII of the Agreement on 1 October 1995.

References

  1. 1 2 3 "Overview". World Bank. Retrieved 2019-12-03.
  2. 1 2 3 4 5 "The World Bank and Japan" (PDF).
  3. "Beginning of a Beautiful Friendship: The 1951 Treaty of Peace with Japan – Association for Diplomatic Studies & Training". adst.org. Retrieved 2024-07-26.
  4. "The World Bank: How the development bank confronts today's crises". World Economic Forum . April 2024. Retrieved July 29, 2024.
  5. 1 2 "Asia for Educators | Columbia University". afe.easia.columbia.edu. Retrieved 2024-07-30.
  6. "External Economic Relations: From Recovery to Prosperity to Making a Positive Contribution". Ministry of Foreign Affairs of Japan. Retrieved July 29, 2024.
  7. "Japan (JPN) Exports, Imports, and Trade Partners". The Observatory of Economic Complexity. Retrieved 2024-07-30.
  8. "Japan - Market Overview". www.trade.gov. 2024-01-02. Retrieved 2024-07-30.
  9. "Japan and the United Nations", Wikipedia, 2024-04-28, retrieved 2024-07-26
  10. 1 2 "Overview". World Bank. Retrieved 2024-07-26.
  11. "Japan's participation in the world economic system and the role played by the Export-Import Bank of Japan | JBIC Japan Bank for International Cooperation". www.jbic.go.jp. Retrieved 2024-07-26.
  12. "Japan's participation in the world economic system and the role played by the Export-Import Bank of Japan | JBIC Japan Bank for International Cooperation". www.jbic.go.jp. Retrieved 2024-07-26.
  13. "End of the East Asian Miracle? A Demographic Look at Asia's Economic Future". nippon.com. 2023-04-24. Retrieved 2024-07-27.
  14. 1 2 "World Bank | Definition, History, Organization, & Facts | Britannica". www.britannica.com. 2024-07-05. Retrieved 2024-07-30.
  15. 1 2 "Briefing on World Bank Group election". Blue Smoke. 2023-03-02. Retrieved 2024-07-30.
  16. Aryan, Aniket. "World Bank Shareholding and Voting Power | SRIRAMs IAS". www.sriramsias.com. Retrieved 2024-07-26.
  17. "Voting Powers". World Bank. Retrieved 2024-07-26.
  18. "How many Countries are in the World Bank in 2024?". worldpopulationreview.com. Retrieved 2024-07-26.
  19. "Top 8 countries voting power | WBG Open Finances". WBG Finances. Retrieved 2024-07-26.
  20. Leech, Dennis and Robert (July 2003). "Voting Power in the Bretton Woods Institutions" (PDF). London School of Economics . Retrieved July 29, 2024.
  21. "Overview". World Bank. Retrieved 2024-07-27.
  22. NEWS, KYODO. "FOCUS:Japan, now world's No. 4 economy, on steep road to reverse low growth". Kyodo News+. Retrieved 2024-07-30.
  23. "Japan slips into a recession and loses its spot as the world's third-largest economy". AP News. 2024-02-15. Retrieved 2024-07-30.
  24. "Japan's economy narrowly avoids recession as growth figures revised". Al Jazeera. Retrieved 2024-07-30.
  25. "Japan unexpectedly slips into a recession". 2024-02-15. Retrieved 2024-07-30.
  26. "Japan may slip from IMF's No. 2 shareholder status". The Japan Times . 2023-09-26. Retrieved 2024-07-30.
  27. Woodward, David (December 2007). "IMF Voting Reform: Need, Opportunity and Options" (PDF). UN Trade and Development . Retrieved July 29, 2024.
  28. Laker, Benjamin. "India Will Grow To Become The World's Third-Largest Economy By 2027". Forbes. Retrieved 2024-07-30.
  29. "Hideaki Imamura Executive Director EDS02 Japan". World Bank. Retrieved 2024-07-27.
  30. "Koji Uemura Alternate Executive Director EDS02 Japan". World Bank. Retrieved 2024-07-27.
  31. "The World Bank". VC4A. Retrieved 2024-07-30.
  32. 1 2 "EDS02 Home". www.worldbank.org. Retrieved 2019-12-11.
  33. 1 2 "Masanori Yoshida". World Bank. Retrieved 2019-12-11.
  34. "International Bank for Reconstruction and Development" (PDF).
  35. "IDA" (PDF).
  36. "IFC" (PDF).
  37. "MIGA" (PDF).
  38. 1 2 "Kenichi Nishikata". World Bank. Retrieved 2019-12-11.
  39. "World Bank Group Development Committee". World Bank. Retrieved 2024-07-27.
  40. 1 2 3 "Japan's Statement at the 109th Meeting of the Development Committee (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund) (Washington, D.C. - April 19, 2024)". Ministry of Finance. Retrieved 2024-07-27.
  41. "Japan makes record $3.4 bln pledge to World Bank arm for low-income countries". Reuters.com. December 14, 2021. Retrieved July 29, 2024.
  42. "Japan International Cooperation Agency (JICA) - DCED". 2016-06-24. Retrieved 2024-07-27.
  43. "Japan - International Relations, Trade, Security | Britannica". www.britannica.com. 2024-07-29. Retrieved 2024-07-29.
  44. "Britannica Money". www.britannica.com. 2024-07-18. Retrieved 2024-07-29.
  45. 1 2 3 "World Bank's Loans to Japan". World Bank. Retrieved 2019-12-03.
  46. 1 2 3 4 "Overview". World Bank. Retrieved 2019-12-11.
  47. "PHRD - About PHRD". web.worldbank.org. Retrieved 2019-12-03.
  48. 1 2 3 4 5 "Japan Policy and Human Resources Development Fund Annual Report 2006" (PDF).
  49. 1 2 3 4 5 6 7 8 "Japan Social Development Fund". World Bank. Retrieved 2019-12-03.
  50. 1 2 3 4 5 "Climate Investment Funds". www.climateinvestmentfunds.org. Retrieved 2019-12-11.
  51. 1 2 3 "The Great East Japan Earthquake--Learning from Mega disasters: Knowledge Notes, Executive Summary". World Bank. 2012. hdl:10986/17107.
  52. 1 2 "World Bank Reaches $2 Billion in Sustainable Development Bonds Issued while Raising Awareness for Food Loss and Waste with Strong Support from Japanese Investors". World Bank. Retrieved 2019-12-11.
  53. 1 2 3 4 5 House, The White (2024-04-10). "United States-Japan Joint Leaders' Statement". The White House. Retrieved 2024-07-30.
  54. 1 2 "U.S. Relations With Japan". United States Department of State. Retrieved 2024-07-30.
  55. "The US-Japan Economic Partnership Roadmap Emerges | Wilson Center". www.wilsoncenter.org. Retrieved 2024-07-30.
  56. Hotta, Takafumi (2022-10-06). "Why Japan remains the biggest investor in the US". Financial Times. Retrieved 2024-07-30.