New World Bank President

http://news.bbc.co.uk/2/hi/business/6701865.stm

Continuing about new presidents. President George W Bush has nominated Robert Zoellick, former deputy secretary of state, to be president of the World Bank.

I am not sure all of us know a lot about this organization. I myself learned a lot about it writing that entry. Here is a short description from Yahoo encyclopedia:

"International Bank for Reconstruction and Development - (IBRD), specialized agency of the United Nations, with headquarters at Washington, D.C.; also called the World Bank. It was formally organized in 1945, when 28 countries ratified the agreement; there are now 183 members. The bank not only makes loans to member nations, but, under government guarantee, to private investors, for the purpose of facilitating productive investment, encouraging foreign trade, and discharging burdens of international debt. The bank is self-sustaining and has maintained a profit on its lending activities. It is controlled by a board of governors, one from each member state.

The bank also operates the Economic Development Institute, which offers training in economic development for officials of member countries. Closely affiliated with the bank is the International Finance Corporation (est. 1956), which invests in private enterprises without government guarantee. The bank organized the International Development Association (1960) to extend credit on easier terms, mainly to developing countries. The group of institutions is known as the World Bank Group. Criticism that the IBRD-financed projects were environmentally destructive led the bank to establish an environmental fund (1990) providing low-interest loans for developing countries. Developing nations have complained that the IBRD imposes the free-market system on them, thereby discouraging planning, nationalization, and public investment."

Mr Zoellick would replace Paul Wolfowitz, who steps down on 30 June, because of a scandal in which he was involved. Wolfowitz was accused of a conflict of interest over a pay rise given to ex-bank employee. It wasn't the smartest to give a extremely hight rise only to one person with whom you have personal relations..

The new president was nominated traditionaly by the US side. Europeans nominate people for other offices.