Austria

Austria became the 47^th member of the International Bank for Reconstruction and Development (IBRD)—also known as the World Bank—when it joined on August 27, 1948.

After World War II, Austria depended on foreign aid to rebuild its industries and overcome severe shortages. What became known as Austria's postwar “economic miracle” was achieved largely with Marshall Plan (1948–1953) and World Bank support. This included $106.4 million in loans, mainly for hydroelectric projects. By 1953, stability was restored, and from 1953 to 1962, Austria’s GDP grew over 6% yearly as unemployment dropped from 8.7% to 2.7%.

Austria hosted the 1961 International Monetary Fund and World Bank Annual Meetings, and joined the International Development Association (IDA)that same year. Just 16 years after the war, Austria had progressed from a borrower to a donor, supporting the world’s poorest countries. Today, Austria is one of IDA’s most generous donors on a per capita basis.

Austria’s partnership with the World Bank Group has deepened as the institution’s presence in Vienna has continued to grow. The Center for Financial Reporting Reformand the Investment Climate Advisory Services (FIAS) Program were established there in 2007, and now the Vienna office is the World Bank Group’s largest in Europe, with around 350 staff supporting operations in the Europe and Central Asia region.

• Federal Ministry of Finance of Austria
• Joint Vienna Institute
• UNIS Vienna