The ICSID Convention was founded on a multilateral agreement and entered into force on 14 October 1966. Each World Bank Group organization works according to procedures set out in its By-Law or equivalent relevant document. These documents describe the conditions of membership and the general principles of organization, management and operation. There is a second important human rights consideration for the Bank, which is considering updating its protection measures. The members of the Bank are States. These States have obligations under the human rights treaties to which they grant. The Bank has already acknowledged this. In 2000, the then General Counsel made it clear in the World Bank`s legal documents that “the Bank cannot reasonably put its members in a situation where they would be in breach of their obligations under the Charter of the United Nations if they agreed with a measure proposed by the Bank.” Finally, in this situation, the Charter of the United Nations takes precedence under Article 103: “In the event of a conflict between the obligations of the Members of the United Nations under this Charter and their obligations under another international agreement, their obligations under this Charter shall take precedence”. You clicked on a link to a page that is not part of the beta version of the new worldbank.org.
Before we leave, we`d love to get your feedback on your experience while you`ve been here. Will you take two minutes to complete a brief survey that will help us improve our website? (b) All loan agreements shall fix the currency or currencies in which payments under the contract shall be made to the Bank. However, at the option of the borrowers, such payments may be made in gold or subject to the agreement of the Bank in the currency of a currency other than that prescribed by the Treaty. For the internal desire for greater integration of human rights into the World Bank`s thinking, the main consideration is the nature of the activities that the World Bank can carry out in accordance with its articles of agreement. The International Bank for Reconstruction and Development (IBRD) was the first institution in a group of financial institutions now known as the World Bank Group (WBG). After being created in Bretton Woods in 1944 by an agreement signed by the United Nations General Assembly in November 1947, the IBRD was governed by its statutes. Other WBG institutions were developed in the same way, and it was from there that the WBG considered itself exempt from any direct legal responsibility beyond these articles, not vis-à-vis the Un Charter from which it originated or other areas of international law. From this point of view, it is only a question of interpreting the importance of the articles of the Treaty. The World Bank`s Board of Directors is responsible for interpreting the importance of these documents, which are quite vague, and the Board of Directors, for its part, has relied on Den General Counsel to make important interpretations – and thus the justifications for progressive measures.
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