Friday, Apr 01, 2005
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WASHINGTON, MARCH 31. The World Bank's board on Thursday approved the nomination of the U.S. Deputy Defence Secretary, Paul Wolfowitz, an architect of the Iraq war, to be the next president of the 184-nation development bank. The U.S. President, George W. Bush, earlier this month surprised the international community by recommending him for the job. Mr. Wolfowitz's hardline foreign policy stance has made him a target of critics at home and abroad. Mr. Wolfowitz, 61, will take the helm of the development bank on June 1. The bank's stated mission is to fight poverty and improve the living standards of people in developing countries. It lends around $20 billion a year to developing countries for various projects, including roads, schools and fighting AIDS. The U.S. is the bank's largest shareholder. The bank traditionally has had an American president and its sister institution, the International Monetary Fund, is headed by a European. The vote by the bank's 24-member board was unanimous. — AP
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