President George W Bush on Wednesday nominated former Deputy Secretary of State Robert Zoellick as the next World Bank head, replacing Paul Paul Wolfowitz.
WASHINGTON: US President George W Bush on Wednesday nominated former Deputy Secretary of State Robert Zoellick as the next World Bank head, replacing Paul Paul Wolfowitz, who was forced to resign over a favouritism scandal.
The formal announcement was made at the White House by the President who praised the former United States Trade Representative as a "committed internationalist" and a person "deeply committed" to the cause of defeating poverty.
"He is deeply devoted to the mission of the World Bank. He wants to help struggling nations defeat poverty, to grow their economies and offer their people the hope of a better life. Bob Zoellick is deeply committed to this cause," Bush said.
Zoellick will succeed Paul Wolfowitz, who is stepping down on June 30 after findings by a special bank panel that he broke bank rules when he arranged for a hefty compensation package in 2005 for his girlfriend, Shaha Riza, a bank employee.
Bush's selection of Zoellick must be approved by the World Bank's 24-member board.
"Bob Zoellick understands that there are about one billion men, women and children who live on less than one dollar a day and he's committed to doing something about it. The United States has a moral and national interest in helping poor and struggling countries transform themselves into free and hopeful societies, Bush said.
"The job of the World Bank is to help reduce poverty and raise living standards in the poorest nations. The bank does this by helping these nations strengthen good government, develop sound financial markets, uphold property rights and combat corruption," he said.
Describing Zoellick as an "eminently qualified" man, Bush also took the opportunity to praise the outgoing bank chief.
"This man is eminently qualified and when he takes his place at the World Bank, he will replace another able public servant, Paul Wolfowitz," Bush said.
Zoellick's name would have to be cleared by The Bank's 24 member Board and first indications are that there is no serious reservation to the nomination. If confirmed by the Board Zoellick will be the 11th President of The Bank.
"Even developing countries moving up the ladder, with higher growth rates, still have many poor citizens and staggering problems. They need support, too. Fortunately, there's a new generation of leaders in many developing countries that is assuming responsibility for showing that poverty can be surmounted" Zoellick said in his remarks at the White House.
"This work, the purpose of the World Bank, is not about charity. The United States has been a strong supporter of the World Bank since its inception. The bank's reliance on markets, investments, sound policies, good governance and partnerships for self-help are in keeping with the values that Americans esteem," he added.
The Bush administration received a setback of sorts when the outgoing Bank President Paul Wolfowitz is being forced to step down as of June 30.
Speaker of the House of Representatives Nancy Pelosi, has praised the credentials of the new Bank nominee.
"My experience working with him on the subject of Darfur tells me that I know that he cares about that issue, which is very important to the American people. He's sensitive to the need to alleviate poverty there, to resolve conflict in a peaceful way," Pelosi said in Brussels.
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