The Executive Directors of the International Bank for Reconstruction and Development (the "Bank") met on Monday, 25 June, to select a new President of the Bank.In doing so, the Executive Directors expressed appreciation to Mr. Paul Wolfowitz as departing President of the World Bank Group.

The Executive Directors unanimously selected Mr. Robert B. Zoellick to succeed Mr. Wolfowitz, effective 1 July 2007, as the 11th President of the Bank for a five-year term. The President of the 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 of Investment Disputes (ICSID).

The Executive Directors affirmed the important role of the Bank in addressing poverty and economic growth.In coming to their decision, the Executive Directors considered that Mr. Zoellick brings to the Bank Presidency strong leadership and managerial qualities as well as a proven track record in international affairs and the drive required to enhance the credibility and effectiveness of the Bank.

The Executive Directors are confident that he will address the challenges facing the Bank, including a successful 15th replenishment of IDA, development of a long-term strategy for the Bank Group and issues related to corporate governance.The Executive Directors expect to work closely and collaboratively with the President toward the achievement of the poverty reduction mandate of the Bank Group.

Professional History of Mr. Robert B. Zoellick

Mr. Zoellick, a U.S. national, is currently Vice Chairman, International, of Goldman Sachs Group, and a Managing Director and Chairman of Goldman Sach’s Board of International Advisors.He has served in a number of senior positions in successive US administrations, including as Deputy Secretary, U.S. Department of State, and as U.S. Trade Representative (2001-05).He also served as Deputy Assistant Secretary for Financial Institutions Policy, US Department of Treasury, and Undersecretary for Economic and Agricultural Affairs and Counselor in the U.S. State Department. He was Executive Vice President of Fannie Mae (1993-1997), the large U.S. mortgage finance corporation, as well as Vice President and Assistant to the Chairman and CEO.In addition, he served as Olin Visiting Professor, U.S. Naval Academy, as Senior Advisor, Goldman Sachs, as Research Scholar, Belfer Center, Harvard University, and previously on three corporate boards, as well as numerous research and non-profit boards.

Mr. Zoellick has a J.D., magna cum laude, Harvard Law School, and a M.P.P. (in public management and international issues) from the Kennedy School of Government. In addition, Mr. Zoellick has received numerous distinguished service awards.