World Bank President Robert Zoellick Will Not Seek Another Term

World Bank15 February 2012: The President of the World Bank, Robert Zoellick, has announced his plan to step down at the end of his five-year term, on 30 June 2012.

Announcing his decision, the Bank highlighted that during Zoellick's term in office, it allocated US$247 billion in funds to help developing countries undertake their paths towards sustainable development and poverty reduction. Zoellick also established programs such as Putting Food First, a program addressing the global food crisis, and a new IFC Asset Management Company, a program to channel sovereign wealth funds and pension resources to the private sector in Africa.

With Zoellick's resignation, the Bank's Board of Governors will initiate a selection process to choose the next President. [World Bank Press Release]