World Bank

May 30, 2007 -- THE PRESIDENT: Good morning. I thank Secretary of Treasury Paulson for joining us today. I'm pleased to announce that I will nominate Bob Zoellick to be the 11th President of the World Bank.    » read more »

May 29, 2007 -- The following statement was issued in Santo Domingo today by Mr. Erik Offerdal, Resident Representative of the International Monetary Fund (IMF) in the Dominican Republic:

"An IMF staff mission, headed by Mr. Andy Wolfe, visited Santo Domingo May 16-24 for discussions of the seventh review of the government's economic program which the IMF is supporting with a 36-month Stand-By Arrangement (in an amount of US$635 million).    » read more »

Wetlands to Reduce Nutrient Discharges to the Black Sea

WASHINGTON, May 29, 2007 – The World Bank Board of Executive Directors today approved a US$4,562,000 GEF grant for the Moldova Environmental Infrastructure Project. The project, which will be implemented by the World Bank, will assist the Government of Moldova in treating Soroca’s municipal wastewater. The project will improve the quality of the Nistru River that separates Moldova and Ukraine and will pioneer innovative and low-cost constructed wetlands to reduce the nutrient loads on the Nistru and the Black Sea.    » read more »

Washington DC, May 29, 2007- There has been intense interest in the selection process for the next World Bank President, following the announcement of Mr. Wolfowitz’s resignation effective June 30, 2007. The Executive Directors have met to discuss matters related to the nomination and selection process for the next President of the World Bank.

The Executive Directors have prepared a profile of key qualities for nominees to guide the selection process. The Board believes it is essential for the next World Bank President to have:

• a proven track record of leadership;    » read more »

29 May 2007 -- President Bush Wednesday is expected to nominate veteran US diplomat and trade expert Robert Zoellick to succeed Paul Wolfowitz as head of the World Bank. VOA's Barry Wood has more.

Bob Zoellick is a 53-year-old lawyer and former government official who is currently a top executive at Goldman Sachs, the respected New York securities firm. In 2005 and 06 Zoellick was deputy secretary of state and for four years before that was the United States Trade Representative.    » read more »

WASHINGTON, DC, May 29 - Net private capital flows to developing countries reached a record $647 billion in 2006, although the rate of growth of these flows slowed from 34 percent in 2005 to 17 percent in 2006. Emerging Europe attracted an increasing share of the overall flows and equity financing grew much faster than debt, says Global Development Finance 2007. Despite commitments made by donors, aid flows were disappointing, and the shift from official to private sources of finance continued.    » read more »

WASHINGTON, May 24, 2007 – The World Bank Board of Executive Directors today approved additional International Development Association (IDA) financing in the amount of US$15 million for the Second Education Sector Investment Program (PISE II) in Mali.

This additional allocation will be used to reduce the PISE II financing gap and will help ensure that the outcome indicators defined in the Program Results Framework are achieved.    » read more »

WASHINGTON, May 24, 2007 – The World Bank Board of Directors today approved US$50 million of International Development Association (IDA) funds for Malawi’s Second National Water Development Project (NWSP II). Of these funds, US$27.5million is a grant and US$22.5million a credit*.    » read more »

The reforms support the Government’s private sector-led growth strategy

WASHINGTON, May 24, 2007 – The World Bank Board of Directors today approved an International Development Association (IDA) grant of US$15million for the Business Environment Strengthening Technical Assistance Project (BESTAP) which is designed to support capacity development and investment climate reforms to accelerate economic growth in Malawi.    » read more »

Chapel Hill, North Carolina – Senator John Edwards released the followng statement today following the announcement that World Bank president Paul Wolfowitz is resigning. Edwards first called for Wolfowitz' resignation on April 13th, 2007.

"It's about time. I called for Paul Wolfowitz's resignation a month ago when it became clear that his leadership was undermining America's ability to lead the fight against global poverty. Wolfowitz's tenure at the World Bank was marked by serious questions of financial integrity that alarmed our allies.    » read more »

21 May 2007 -- The imminent departure of World Bank President Paul Wolfowitz on June 30, leaves open many questions about the institution’s operating effectiveness. Many groups are calling for a thorough reassessment of the 63-year-old bank. Last week, the bank and Mr. Wolfowitz parted ways over an ethics violation for which both parties assumed partial responsibility, but neither acknowledged fault. Longtime critics, such as the US Network for Global Economic Justice, are renewing their challenges of bank structural health and its staff morale.    » read more »

15 May 2007 -- The White House Tuesday issued another statement of support for embattled World Bank President Paul Wolfowitz as officials from the international lending institution prepared to meet to discuss his fate. VOA's Paula Wolfson reports Wolfowitz faces allegations of misconduct related to a special pay package for his girlfriend, a bank employee.

The White House does not dispute the fact that World Bank President Paul Wolfowitz mishandled the transfer of his girlfriend to a new higher paying job. But it does say the charges do not warrant his dismissal.    » read more »

WASHINGTON, DC– One hundred and four project teams from around the world are coming to World Bank headquarters May 22-23 to display their projects and vie for $4 million in grant funding in the final round of the 2007 Global Development Marketplace competition. The contest fosters innovation in development projects by having stakeholders compete for funding and selecting the best from among them.    » read more »

15 May 2007 -- A report distributed Monday to World Bank Board members says the institution's president, Paul Wolfowitz, broke bank rules when he arranged a promotion and pay increase for his girlfriend.

The report was prepared by a special panel formed to investigate the bank president's actions. The panel recommended that the full 24-member board determine whether Wolfowitz will be able to effectively lead the bank

News reports say Wolfowitz will address the board Tuesday to offer his explanation of events.    » read more »

WARSAW, May 11, 2007 –The Government of Poland and the World Bank today signed a €140 million loan to co-finance the Government’s Odra River Basin Flood Protection Project, designed to protect the population in the river basin against loss of life and damage to property caused by severe flooding. Marta Gajecka, Deputy Minister of Finance of Poland, and Edgar Saravia, World Bank Country Manager for Poland, respectively signed the Loan Agreement on behalf of the Polish Government and the World Bank.    » read more »