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International financial institutions, or IFIs, refers to financial institutions that have been established (or chartered) by more than one country, and hence are subjects of international law. Their owners or shareholders are generally national governments, although other international institutions and other organisations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. Many of these are multilateral development banks.
The best-known IFIs are the World Bank, the IMF, and the regional development banks. Some of the IFIs are considered UN agencies.
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Types of IFIs
Bretton Woods institutions
The best-known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system. They include the World Bank, the IMF, the International Finance Corporation, and other members of the World Bank Group.
Regional development banks
The regional development banks consist of several regional institutions that have functions similar to the World Bank group's activities, but with particular focus on a specific region. Shareholders usually consist of the regional countries plus the major donor countries. The best-known of these regional banks cover regions that roughly correspond to United Nations regional groupings, including the Inter-American Development Bank (which works in the Americas, but primarily for development in Latin America and the Caribbean); the Asian Development Bank; the African Development Bank; and the European Bank for Reconstruction and Development.
Bilateral development banks
Bilateral development banks are financial institutions set up by individual contries to finance development projects in developing countries and emerging markets. Examples include the Netherlands Development Finance Company FMO and the German Development Bank DEG.
Other regional financial institutions
Several regional groupings of countries have established international financial institutions to finance various projects or activities in areas of mutual interest. The largest and most important of these is the European Investment Bank, an institution established by the members of the European Union. Other examples include the Black Sea Development Bank, the International Investment Bank (established by the countries of the former Soviet Union and Eastern Europe), the Islamic Development Bank and the Nordic Investment Bank.
See also
- World Bank
- Bretton Woods system
- Multilateral development banks
- Bank for International Settlements
- Financial Stability Forum
References
Belgian Foreign Ministry policy note
Wikipedia content modification information:
- This page was last modified on 3 October 2008, at 12:41.
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