FROM THE OFFICE OF PUBLIC AFFAIRS

March 31, 2005
JS-2349

Statements on Confirmation of
Paul D. Wolfowitz as Tenth World Bank President

WASHINGTON, MARCH 31, 2005--The World Bank's Board of Executive Directors today unanimously confirmed the nomination of Paul D. Wolfowitz to be President of the World Bank. In response to the Board's decision, Mr. Wolfowitz made the following statement:  

 "I want to thank the Board for their vote of confidence.  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 Bank's 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 Bank's 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 Bank's 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 Bank's 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 world's poor.

I look forward to working with the talented Bank staff, all shareholders and supporters as we join together in our noble mission."   

 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."