Friday, April 1 2005 09:52 Hrs (IST) - World Time -

Washington: The World Bank's board yesterday (Mar 31, 2005) appointed US Deputy Defence Secretary Paul Wolfowitz as the 10th president of the 184-nation development bank.

Wolfowitz, whose nomination was unanimously approved by the board, will take over as the Bank's president when James Wolfensohn's ends his tenure in a few weeks.

By agreement between the US and the Europeans at the end of World War II, the World Bank president is always an American chosen by the US President and the International Monetary Fund (IMF) Managing Director a European. The US is the largest shareholder in both the Bank and IMF.

The Europeans had been unhappy in the beginning about the choice of Wolfowitz because he was a hawk on Iraq and his familiarity with development issues is confined to a term as US Ambassador to Indonesia. But, as expected, they finally went along.

In response to the Board's decision appointing him, Wolfowitz said in a statement, "It is humbling to be entrusted with the leadership of this critically important international institution."

"Fortunately, I already know I will have a great deal of help from the many people who are deeply committed to the mission of the World Bank," he said.

"As I have said frequently, that mission-helping the poorest of the world to lift themselves out of poverty-is a noble mission, or, as former Secretary of State George Shultz said, a 'beautiful mission'."