The World Bank is an international financial institution established following the Bretton Woods agreements in 1944. Its initial aim of funding post-war reconstruction has evolved since then: today the main objectives are poverty reduction and sustainable development.
Structured as a cooperative of member countries, the World Bank works to achieve its aims by granting loans and subsidies, providing guarantees, and offering risk management products, consultancy services and technical assistance. There are currently 185 member countries.
The World Bank is run by its President and Vice-Presidents and Alternates with specific functional or regional areas of competence. There are 24 Directors on the Executive Board. The 5 countries with the largest number of votes (the United States, Japan, Germany, France and the United Kingdom) can each appoint their own director, and the others are elected by groups of countries known as "constituencies". Italy is part of a constituency that also includes Albania, Greece, Malta, Portugal, San Marino and Timor-Leste; together these countries account for around 3.5% of all votes.
The governance structure is headed by the Board of Governors, one for each member country. Italy's representative on the Board is the Governor of the Bank of Italy. Together with the Ministry of Economy and Finance, the Bank of Italy helps to determine the positions taken by the Italian Director on the World Bank's Executive Board.