Above: World Bank President Robert Zoellick on a visit to the Philippines (Photo: World Bank)

By the Caribbean Journal staff

World Bank Group President Robert Zoellick will step down June 30 at the end of his five-year term, the organization announced today.

“I’m honoured to have led such a world-class institution with so many talented and exceptional people,” he said in a statement. “Together, we have focused on supporting developing countries to navigate crises and adjust to global economic shifts.”

According to the Bank, the organization provided more than $247 billion to help developing countries boost growth and overcome poverty during his tenure.

“The Bank has recognized that we live in a world of multiple poles of growth where traditional concepts of the ‘Third World’ are now outdated and where developing countries have a key role to play as growth drivers and responsible stakeholders,” Zoellick said. “At the same time, we’ve scaled up our support to poor people, countries and communities and shown that the Bank can be an indispensable innovator, catalyst and driver of a modernized multilateralism.”

Zoellick, the Bank’s 11th President, succeeded Paul Wolfowitz in the role in May 2007. He was previously a Deputy Secretary of State in George W Bush’s administration. Prior to that, he was the US Trade Representative.

Zoellick informed the Bank’s board this morning of his decision.