Relationships with the World Bank

San Marino has been a regular member of the World Bank (IBRD) since 21 September 2000 and is not a participant of the other entities that, together with the IBRD, form the World Bank Group (IDA, MIGA, IFC, ICSID), however, following the recent accession to the multilateral convention of Washington, concerning the settlement of the international disputes between states, San Marino shall become a regular member of the International Centre for Settlement of Investment Disputes (ICSID).

The Board of Governors is the executive body of the World Bank and is comprised of a Governor and an Alternate Governor appointed by each one of the member countries. The Minister for Industry, Handicraft and Trade, is the Governor for San Marino, whereas the Chairman of the Central Bank, is the Alternate Governor.

The executive powers delegated by the Board of Governors are assigned to the Board of Directors comprised of 25 Executive Directors appointed in representation of the Member States. As is the case for the International Monetary Fund, the 5 most represented countries (in terms of size of the participation share and number of votes available) elect one Executive Director each. The others are elected from groups of countries included within a constituency.

The constituency of which San Marino is a member includes Italy, Albania, Greece, Malta, Portugal and Timor-Leste. Currently, the Executive Director for this Constituency is Mr Matteo Bugamelli.

Useful links:

The World Bank

ICSID - International Centre for Settlement of Investment Disputes

Small States Forum