The Executive Directors of the World Bank met Thursday to select a new President of the World Bank following Mr. James D. Wolfensohns ten years of service as President of the Bank. The Board expressed its deep appreciation for his outstanding leadership of the World Bank Group and for his passion for poverty reduction, the Banks core mandate.
The Executive Directors unanimously selected Mr. Paul Wolfowitz, effective June 1, 2005, to succeed Mr. Wolfensohn as President of the World Bank, when the latter retires on May 31, 2005.
As an international civil servant of a multilateral organization, the President of the World Bank is 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 for Settlement of Investment Disputes (ICSID).
Prior to the selection of the President, Executive Directors had discussions with Mr. Wolfowitz on issues related to the Banks policies, programs and ongoing mission of poverty reduction.
Issues discussed by Executive Directors included development strategy; the Banks role and multilateral character; synergies within the Bank Group; the financial sustainability of IBRD and IDA; the focus on development results and governance issues, including the fight against corruption; and issues related to the Banks organization and effectiveness, including the diversity of management and staff, and the process of selecting the President.
In response to the Boards decision, Mr. Wolfowitz made the following statement:
– It is humbling to be entrusted with the leadership of this critically important international institution. Fortunately, I already know I will have a great deal of help from the many people who are deeply committed to the mission of the World Bank. Since my nomination, I have had the opportunity to listen and talk with all 24 Executive Directors, who themselves possess deep knowledge across the broad range of issues facing the Bank.
– Yesterday, in Brussels, I had discussions on the Banks future with the Development Ministers from Denmark, Germany, the Netherlands, Norway, Sweden and the UK. This was followed by a broader meeting hosted by Prime Minister Juncker of Luxembourg with more than 25 European Union representatives.
– Their advice and questions were constructive, and I know they will continue to provide valuable guidance as I begin my tenure as an international civil servant.
– I have also exchanged views with dozens of ministers, ambassadors and even Presidents and Prime Ministers, from every continent. I appreciate their support and their commitment to the vision of the World Bank.
– As I have said frequently, that mission – helping the poorest of the world to lift themselves out of poverty – is a noble mission or, as former Secretary of State George Shultz said, “a beautiful mission.”
– I believe deeply in that mission. Nothing is more gratifying than being able to help people in need and developing opportunities for all the people of the world to achieve their full potential.
– I would like to take this opportunity to express my appreciation to Jim Wolfensohn who has been extremely helpful to me. His commitment to the Banks mission will be a hard act to follow and I will be counting on his continued advice and support.
– I look forward now to deepening my understanding of the challenges facing the Bank through exchanging views with two key groups: the civil society organizations whose advice and views have become increasingly important in Bank deliberations; and the extraordinary professional staff of the Bank, who constitute the richest body of expertise in the world on the problems of economic development and poverty reduction.
– The next six months are a key period of decision making on international development policy, particularly leading up to the UN Summit in September on the Millennium Development Goals.
– Beyond the Development Goals, I have been provided with a wealth of advice and information. I have a new appreciation for the urgent need for debt relief, infrastructure and regional integration if poverty is to be reduced.
– My new colleagues have recommended I review the right balance between loans and grants; the Banks role as lender versus technical advisor; lending to middle income countries versus support for the poorest nations; and timely, high quality delivery of financial support versus the need for conditions, accountability and safeguards.
– Finally, many of my colleagues have pointed out that reducing poverty involves more than the commitment of the Banks loans and grants. Trade polices and subsidies along with positive conditions for private sector investment are all key factors influencing prospects for the poor.
– These are just a few of the challenges which lie ahead. As we take on these concerns, I am excited about the strong contribution the Bank can and must make if we are to create a new era of opportunity for the worlds poor.
– I look forward to working with the talented Bank staff, all shareholders and supporters as we join together in our noble mission, Wolfowitz concluded.
Current World Bank President James Wolfensohn also commented:
– I welcome the decision of the Board to appoint Paul Wolfowitz as the next President of the World Bank Group. He is a friend, and I know him to be a person of immense talent and high intellect.
– He will be an extremely dedicated and strong leader of the Bank. Paul has a long and respected background in academia, diplomacy and international affairs, and his work in the developing world has afforded him a deep understanding of the many challenges of development.
– He knows what a remarkable institution this is, he appreciates its outstanding team of development professionals, and I know he will bring continuity to its programs and its mission of fighting poverty.
– I will make every effort to ensure that our transition period is successful, so Paul can hit the ground running on June 1, Wolfensohn concluded.
About Mr. Wolfowitz:
Mr. Wolfowitz, a United States national, currently serves as U.S. Deputy Secretary of Defense. He was previously Dean and Professor of International Relations at the Paul H. Nitze School of Advanced International Studies (SAIS) of The Johns Hopkins University.
He held a number of significant posts within the U.S. government. In addition to U.S. Deputy Secretary of Defense, he served as Under Secretary of Defense for Policy, U.S. Ambassador to Indonesia, and as Assistant Secretary of State for East Asian and Pacific Affairs.
Mr. Wolfowitz has also served as Head of the U.S. State Departments Policy Planning Staff, as Deputy Assistant Secretary of Defense for Regional Programs and in the Arms Control and Disarmament Agency, as well as in the US Bureau of the Budget.
He taught previously at Yale (1970-73) and John Hopkins (1981). Mr. Wolfowitz has received numerous distinguished government service awards. He has a doctorate in political science from the University of Chicago. He was born December 22nd 1943.
Kilde: www.worldbank.org
