MercoPress. South Atlantic News Agency

World Bank Executive Directors confirm Zoellick president

Robert Zoellick next World Bank president for the next five years

The World Bank executive directors met on Monday and approved Robert Zoellick to succeed Paul Wolfowitz as the next president of the 185-country development multilateral organization.

In a brief statement the Executive Directors said Mr. Zoellick, the US nominee was unanimously selected as the eleventh president of the bank for a five year term, effective July first. The former US Trade representative also becomes ex officio president of the International Development Association (IDA) and Chairman of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre of Investment Disputes (ICSID). In coming to their decision, the Executive Directors considered that Mr. Zoellick brings to the Bank Presidency strong leadership and managerial qualities as well as a proven track record in international affairs and the drive required to enhance the credibility and effectiveness of the Bank. The Executive Directors are confident that he will address the challenges facing the Bank, including a successful 15th replenishment of IDA, development of a long-term strategy for the Bank Group and issues related to corporate governance. Mr. Zoellick is currently Vice Chairman, International, of Goldman Sachs Group, and a Managing Director and Chairman of Goldman Sach's Board of International Advisors. He has served in a number of senior positions in successive US administrations, including as Deputy Secretary, U.S. Department of State, and as U.S. Trade Representative (2001-05). He also served as Deputy Assistant Secretary for Financial Institutions Policy, US Department of Treasury, and Undersecretary for Economic and Agricultural Affairs and Counsellor in the U.S. State Department. He was Executive Vice President of Fannie Mae (1983-1985), the large U.S. mortgage finance corporation, as well as Vice President and Assistant to the Chairman and CEO. In addition, he served as Olin Visiting Professor, U.S. Naval Academy, as Senior Advisor, Goldman Sachs, as Research Scholar, Belfer Center, Harvard University, and previously on three corporate boards, as well as numerous research and non-profit boards. Mr. Zoellick has a J.D., magna cum laude, Harvard Law School, and a M.P.P. (in public management and international issues) from the Kennedy School of Government. In addition, Mr. Zoellick has received numerous distinguished service awards. "Once I start at the World Bank, I will be eager to meet the people who drive the agenda of overcoming poverty in all regions, with particular attention to Africa, advancing social and economic development, investing in growth, and encouraging hope, opportunity, and dignity", said Zoellick in a statement. The Bank's Board, staff, and many stakeholders know we face large challenges added Zoellick. "We should approach them with a humility gained through years of experience. The world has changed enormously since the creation of the Bank some 60 years ago. This accomplished institution of development, reconstruction, and finance not only needs to adapt: It must lead the way to achieving sustainable globalization, founded upon inclusive growth, opportunity, and respect for personal dignity".