The Development Committee is a ministerial forum of the World Bank Group and the International Monetary Fund for intergovernmental consensus building on development issues. Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, the committee was established in 1974.
The committee's mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues and on the financial resources required to promote economic development in developing countries. Over the years, the committee has interpreted this mandate to include trade and global environmental issues in addition to traditional development matters.
(See also Enabling Services.) The World Bank's Chief Economist and Senior Vice President heads this main research and knowledge-generation Vice Presidential Unit. The Development Economics (DEC) Vice Presidency provides data, analyses of macroeconomic and development prospects, research findings, analytical tools, and policy advice in support of Bank operations, as well as advice to clients. DEC produces the annual World Development Report, prepared each year by a team comprising Bank staff members and experts from outside the Bank Group.
The Development Finance (DFi) Vice Presidency is responsible for managing and monitoring policies and procedures for World Bank development financing vehicles. DFi engages in strategic resource mobilization, playing an intermediation role to help align the needs of recipients, World Bank Group institutional priorities, and priorities of funding partners through a variety of funding instruments. These include IDA and trust funds, including financing intermediary funds.
Previously known as Concessional Finance and Global Partnerships (CFP), DFi has moved from an exclusive focus on concessional finance to a broader focus on development finance. The new approach is geared toward leveraging the financial resources and instruments of the entire World Bank Group to increase the pool and types of funding available to clients, particularly for transformative projects.