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Zoellick to leave World Bank
Source: Bloomberg News |
February 16, 2012, Thursday
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Print Edition
Print Edition
WORLD Bank President Robert Zoellick, who was nominated by US President George W. Bush in 2007, yesterday said he will leave the institution when his five-year term ends June 30.
"Together we have focused on supporting developing countries to navigate crises and adjust to global economic shifts," Zoellick, 58, said in an e-mailed statement. "The bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership."
Under Zoellick's presidency, shareholders approved a capital increase providing the bank with US$5.1 billion in cash to meet demand from countries hit by the global slump that followed the 2008 financial crisis. His successor may face another surge in loan requests as the European debt crisis threatens to trigger more global turmoil.
The announcement opens the competition for a job that has always been held by an American under an informal deal that also has a European head the International Monetary Fund.
"Together we have focused on supporting developing countries to navigate crises and adjust to global economic shifts," Zoellick, 58, said in an e-mailed statement. "The bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership."
Under Zoellick's presidency, shareholders approved a capital increase providing the bank with US$5.1 billion in cash to meet demand from countries hit by the global slump that followed the 2008 financial crisis. His successor may face another surge in loan requests as the European debt crisis threatens to trigger more global turmoil.
The announcement opens the competition for a job that has always been held by an American under an informal deal that also has a European head the International Monetary Fund.
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