Washington, July 15, 2008 – After the IMF the World Bank has also confirmed to have received a letter from the Prime Minister of Kosovo officially requesting membership in the World Bank Group.
In the letter dated July 10, 2008, Kosovo applied for membership in the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes, the World Bank informed Tuesday.
The application will be processed in coordination with the International Monetary Fund, where an application has also been filed.
Kosovo’s application initiates a formal process which would eventually include a vote by the Bank’s Board of Governors on the question of Kosovo’s membership in the institution. The first step in the process is for the International Monetary Fund to determine a proposed quota for Kosovo in the Fund. Based on this calculation, the World Bank determines the proposed subscription of shares of Kosovo in the Bank. The membership process typically takes a minimum of 6 to 9 months.
Membership in the United Nations is not required for membership in the World Bank. The only precondition of membership in the World Bank is membership in the International Monetary Fund. With respect to the voting by the Bank’s Board of Governors, a simple majority of votes cast by Governors is required for approval of membership. Votes are weighted by the number of shares held by each member country.