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Vienna: Seat of the World Bank Group

World Bank Group © Dorn-Fussenegger

© Dorn-Fussenegger

July 8, 2010

Vienna is becoming an official seat of the World Bank Group. According to the Austrian Ministry of Finance, liaison offices are to be opened in Vienna for three of the five organizations of the World Bank Group based on formal agreements on the establishment of official seats. The three organizations affected are the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). In this way, the status of the three existing offices in Vienna will be raised within the World Bank Group. The formal agreement on establishing official seats is also important in the context of plans to decentralize the World Bank Group headquartered in Washington. Austria seeks to promote the establishment of a regional World Bank office – which could be responsible for Central and Eastern Europe – in Vienna.