Austria attracts World Bank
Austria has concluded agreements for an official residence of the World Bank Group. It provides privileges similar to those of diplomats for employees of the international organization.
This should motivate the international organizations to open more offices in Vienna and send employees to Vienna. Finance Minister Josef Pröll was pleased stating that it would "give impetus to the position of Vienna as an important location for international organizations."
Currently, the "Foreign Investment Advisory Service" (FIAS) and the "Vienna Centre for Financial Reporting Reform” (REPARIS) have established themselves in Vienna. Similar conditions were negotiated for the Joint Vienna Institute, which is supported by the International Monetary Fund (IMF), World Bank, Ministry of Finance and National Bank in 1997. The Headquarters Agreements concluded on Wednesday will formally secure such institutions in Vienna. UN agencies are in Vienna since 1979, the OSCE (Organisation for Security and Cooperation in Europe) also has a seat here
Praise for cooperative measures
World Bank Vice President for Europe and Central Asia, Philippe Le Houérou, stressed in a press release that the agreement constitutes "an additional step in the already excellent relations" between international organization and Austria. Offices in Vienna were a resource for countries in the region and a major technical partner for the World Bank Group and other agencies working on the development of private sectors. Praise for the cooperation was also expressed from IFC and MIGA.