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World Bank President Resigns

Feb 18 2012

One of the most revered presidents of the world bank is stepping down. Appointed by President George Bush in 2007, Robert Zoellick was World Bank President for five years, until today when he stepped down. He came from a highly experienced background as a US Trade Representative, former deputy Secretary of State, and working at Goldman Sachs before taking up the presidential seat of the largest bank in the world.

Crisis Initiative Achievements

Zoellick has been recognized as being the positive driving force behind World Bank’s historical role during the most recent economic crisis. During his tenure Zoellick used record financial capacity to assist developing countries with growth and poverty eradication.

This amazing businessman was the first person to alert the developing world to the food crisis that was about to hit and made a point of lending an additional $6billion per year to ensure agriculture could keep up with the demand.

Modern Bank Achievements

The World Bank, under Zoellick’s helm, became the most transparent bank in the world. He facilitated the Access to Information Policy and the Open Data Initiative, which paved the way for transparency and accountability by everyone at the World Bank and all affiliated banks. 

Zoellick was exceptionally ethical in his dealings with the World Bank and made a point of bringing that morale into the banking dynamic. He focused on many aspects of the World Bank but one that stands out was his anti-corruption stance, which was driven home with his implementation of the Stolen Asset Recovery unit, a preventative unit and a sanctions policy, which all assisted in the International Corruption Hunters Alliance.

These are only a few of Robert Zoellick’s achievements as the World Bank President. Now that he is stepping down there are much debate about who will replace him. There is talk about Hillary Clinton, who has flatly denied it, taking over the reins of  World Bank President. Another possible candidate for World Bank President 2012 is Larry Summers - former advisor to the President of the United States and currently a Harvard Professor.

Robert Zoellick has led an extremely tight ship through some highly tempestuous storms, which saw him coming out stronger in the end. He’s paved the way for many developing countries to combat poverty and initialize growth. He has made a point of ensuring the voice of the people are heard at the World Bank and their opinions taken into account.

The next World Bank President is certainly going to have big shoes to fill or make a point of moving out of Zoellick’s shadow altogether. That’s going to be difficult considering he casts a pretty large one.

Vida Denning enjoys writing on a wide variety of topics. She currently downloaded a Metatrader 4 download and opened a FX account, which opened a part of the financial world, to her, that she never knew existed.

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