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World Bank President Robert Zoellick to Step Down When Term Ends This Year
|Last Edited||J.R. Feb 15, 2012 02:59pm|
|News Date||Wednesday, February 15, 2012 08:00:00 PM UTC0:0|
|Description||World Bank President Robert Zoellick, who was nominated by President George W. Bush in 2007, 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 today. “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 the first capital increase in more than 20 years 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.