23 See note 1 above. IFC operations do not require government guarantees. See International Finance Corporation statutes, May 25, 1955, art. I(i), 7 UST 2197, 264 UNTS 117 (entered into force on 20 July 1956). Any loan agreement with ADB and any guarantee agreement with ADB regarding an ADB loan, financed by an FIA interest in the loan, may provide that the parties accept the provisions of these terms and conditions of sale. 101 Differences between private and public sector activities within the EBRD come in different forms. Thus, the EBRD`s public procurement guidelines clearly distinguish between Dios for public sector measures and those relating to private sector projects. See the European Bank for Reconstruction and Development, Contracting Policy and Rules 8, 21 (1993); European Bank for Reconstruction and Development, financed with EBRD 12 (1994). The EBRD`s payment procedures also make the same distinction. See European Bank for Reconstruction and Development, Public Sector Disbursement Manual 4-5 (1994).
Indeed, in the early years of the EBRD, there was a strong organizational separation between public and private activities. See European Bank for Reconstruction and Reconstruction, Annual Report 1992 79-80 (1993). 1 The World Bank consists of two legally distinct but closely linked institutions: the International Bank for Reconstruction and Development (IBRD), established in 1945 in the run-up to the Bretton Woods Conference, and the International Development Association (IDA), established in 1960 to provide more favourable financing to less developed countries, many of which gained political independence at that time. A broader term, “World Bank Group,” refers to IBRD and IDA, as well as the International Finance Corporation, established in 1956 to finance the private sector, the Multilateral Investment Guarantee Agency (MIGA), established in 1988 to provide guarantees against various types of non-commercial risks to foreign private investors in developing countries. , and the International Centre for Settlement of Investment Disputes (ICIDS), established in 1966 to create conciliation and conciliation opportunities for the resolution of disputes related to transnational investments. See Ibrahim F. I. Shihata, The World Bank in a Changing World 7-13 (1991); The World Bank, 1992 Annual Report 4 (1992) [WB 1992 Report].
The descriptions of the World Bank and the World Bank Group are generally shihata, supra.