The first ever agreement between an accountancy body and the World Bank has been struck.

World Bank will train its finance and accounting employees in CIMA's qualification.

The designation awarded to the bank is CIMA Quality Training Partner, the institute's first agreement struck in the US.

Before the deal was struck a team from World Bank came to the UK to visit existing Quality Training Partners and assess the appropriateness of CIMA and its qualification. Previously, its links with UK-based institutes have not included training staff in a professional qualification in the bank’s headquarters.

"This agreement builds on our previous work with the World Bank, notably in Bangladesh where we are sole expert supplier to strengthen the local accountancy body," said CIMA chief executive Charles Tilley.

"We chose CIMA to support the World Bank RM Fast Track Development Program because of its unique emphasis on combining strategy and financial management disciplines," said Glenn Miles, budget director, corporate finance and risk, The World Bank and scheme coordinator.

"The World Bank has a complex business model and a critical mission. We want our trainees to be able to 'think, act and talk business' both from a strategic as well as from a financial perspective."

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