Zoellick seen as suitable for World Bank helm

PAUL WOLFOWITZ leaves his home in Chevy Chase, Md., on May 18, the day after announcing his resignation as World Bank president, effective June 30. /
PAUL WOLFOWITZ leaves his home in Chevy Chase, Md., on May 18, the day after announcing his resignation as World Bank president, effective June 30. /

WASHINGTON – Robert Zoellick will have a big job to do to reinvigorate the World Bank as its next president. But those who have had dealings with him believe he has the talent to make the changes necessary, according to to a number who were interviewed by Bloomberg News.

Zoellick, 53 – President George W. Bush’s nominee to succeed Paul Wolfowitz – is re-entering government service after a year with Goldman Sachs Group Inc., which followed a stint as President Bush’s trade representative and deputy secretary of state. He also had worked in the State Department under President Ronald R. Reagan.

He would need, almost immediately, to get back on track the bank’s effort to raise $28 billion – money that World Bank officials say is needed for relief efforts over the next three years.

But former Secretary of State James Baker told Bloomberg that “[Zoellick] will be able to rebuild and repair relationships, to the extent that they have been frayed by the last two years.”

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U.S. Treasury Secretary Henry M. Paulson Jr. issued a statement today saying that he welcomes Zoellick’s nomination.

“The World Bank’s structure and mission require a leader with a proven track record of working with colleagues around the world to get results,” Paulson said. “Bob Zoellick will bring that experience, as well as a passion for development. …

“[He] believes deeply in the mission of the World Bank, and has the trust, respect and support of governments in all regions of the world.”

Additional information is available at www.treas.gov.

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