Extractive Industries (EI) - Includes oil, gas, and mining of minerals and metals. Mining for construction materials, including cement production and quarries, is not included, nor are indirect investments through financial intermediaries.
EI Review - The Extractive Industries Review was launched by the World Bank Group to discuss its future role in the extractive industries with concerned stakeholders. The aim of this independent review is to produce a set of recommendations that will guide involvement of the World Bank Group in the oil, gas and mining sectors. The discussion is taking place within the context of the World Bank Group's overall mission of poverty reduction and the promotion of sustainable development.
International Bank for Reconstruction and Development (IBRD) - Founded in 1944, the World Bank Group is one of the world's largest sources of development assistance. The Bank, which provided US$19.5 billion in loans to its client countries in fiscal year 2002, is now working in more than 100 developing economies, bringing a mix of finance and ideas to improve living standards and eliminate the worst forms of poverty. For each of its clients, the Bank works with government agencies, nongovernmental organizations, and the private sector to formulate assistance strategies. Its country offices worldwide deliver the Bank's program in countries, liaise with government and civil society, and work to increase understanding of development issues.
International Development Association (IDA) - IDA helps the world's poorest countries reduce poverty by providing "credits," which are loans at zero interest with a 10-year grace period and maturities of 35 to 40 years. These countries face complex challenges in striving for progress toward the international development goals. They must, for example, respond to the competitive pressures as well as opportunities of globalization; arrest the spread of HIV/AIDS; and prevent conflict or deal with its aftermath.
International Finance Corporation (IFC) - Established in 1956, IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. It promotes sustainable private sector development primarily by: (1) Financing private sector projects located in the developing world. (2) Helping private companies in the developing world mobilize financing in international financial markets. (3) Providing advice and technical assistance to businesses and governments.
Multilateral Investment Guarantee Agency (MIGA) - MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment into emerging economies to improve people's lives and reduce poverty. MIGA fulfills this mandate and contributes to development by offering political risk insurance (guarantees) to investors and lenders, and by helping developing countries attract and retain private investment.
Oil, Gas, Mining, and Chemicals Department (OGMC) - The OGMC department combines the public sector policy strengths of the International Bank for Reconstruction and Development and the transaction expertise of the International Finance Corporation. The department is intended to enhance the effectiveness of the World Bank Group in this area and includes experts in finance, energy economics, policy, engineering, and environmental and social issues, who advise and bring their knowledge and experience to a wide range of projects around the world.
Operational Evaluation Department (OED) - OED is an independent unit within the World Bank; it reports directly to the Bank's Board of Executive Directors. The goals of evaluation are to learn from experience, to provide an objective basis for assessing the results of the Bank's work, and to provide accountability in the achievement of its objectives. It also improves Bank work by identifying and disseminating the lessons learned from experience and by framing recommendations drawn from evaluation findings.
Operational Evaluation Group (OEG) - OEG's independent evaluation work encompasses: (1) Programs, investment projects, advisory and technical services, and the strategies, policies and procedures that relate to them with particular attention to the achievement of agreed objectives for private sector development and the effects of investment activity. (2) Assessing the quality and usefulness of IFC's evaluation processes and products, and participating in the formulation and continuous improvement of appropriate evaluation policies, practices and instruments. (3) Identifying and disseminating lessons and making recommendations drawn from evaluation findings to contribute to improved operational performance, accountability for results, and corporate transparency.
Operational Evaluation Unit (OEU) - OEU is responsible for the operations evaluation function within MIGA. OEU's independent evaluation work encompasses: (1) Programs guarantee projects, advisory and technical services, and the strategies, policies and procedures that relate to them with particular attention to the achievement of agreed objectives for private sector development and the effects of guarantee activity. (2) Assessing the quality and usefulness of MIGA's evaluation processes and products, adn participating in the formulation and continuous improvement of appropriate evaluation policies, practices and instruments. (3) Identifying and disseminating lessons and making recommendations drawn from evaluation findings to contribute to improved operational performance, accountability for results, and corporate transparency.
World Bank Group (WBG) - The World Bank Group consists of five (IBRD, IDA, IFC, MIGA and ICSID) closely associated institutions, all owned by member countries that carry ultimate decision-making power. Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. The term "World Bank Group" encompasses all five institutions. The term "World Bank" refers specifically to two of the five, IBRD and IDA.
