 You`re in ... US President George W. Bush has found his replacement for disgraced former World Bank president Paul Wolfowitz / Reuters |
- Former diplomat and trade chief to head World Bank
- Robert Zoellick the World Bank`s 11th president
- Must be approved by the World Bank board
US President George W. Bush nominated former diplomat and trade chief Robert Zoellick to head the World Bank after a favouritism scandal forced out Paul Wolfowitz.
“I am pleased to announce that I will nominate Bob Zoellick to be the 11th president of the World Bank,” Mr Bush said in a formal announcement at the White House.
“Bob Zoellick has had a long and distinguished career in diplomacy and development economics. It has prepared him well for this new assignment.
"He is a committed internationalist.
"He has earned the trust and support of leaders from every region of the world.”
Mr Bush cited a long list of Mr Zoellick`s accomplishments, including his willingness “to help struggling nations defeat poverty to grow their economies and offer their people the hope of a better life”.
By nominating Mr Zoellick, 53, a Goldman Sachs vice chairman known as a consensus-builder on issues ranging from global trade to strife in Darfur, Mr Bush sought to put an end to the scandal that rocked the World Bank for more than six weeks.
Mr Zoellick`s nomination must be approved by the World Bank board of executive directors, representing the poverty-fighting lender`s 185 member countries.
Late yesterday the board issued a statement recalling that nominations may be made by any of its 24 members.
Traditionally the United States, as the biggest contributor, names the head of the multilateral bank. European countries select the head of its sister institution, the International Monetary Fund.
