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World Bank chief ready to go

February 15, 2012

The president of the World Bank, Robert Zoellick, has tendered his resignation. The former politician and Goldman Sachs manager has said he will serve out his term, which ends in late June.

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World Bank Group President Robert Zoellick
Image: Reuters

Zoellick told the board of 187 member countries on Wednesday that he was stepping down at the end of his five-year term, on June 30.

"I'm honored to have led such a world class institution with so many talented and exceptional people," he said in a statement on the World Bank's website. "Together we have focused on supporting developing countries to navigate crises and adjust to global economic shifts."

Zoellick said the institution was "strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership."

The board will now begin a selection process for a new head.

Traditionally an American leads the World Bank and a European heads the International Monetary Fund.

Zoellick has led the bank since July 2007. He was appointed during the administration of US President George W. Bush.

The World Bank's main focus is lending money to developing countries.

ncy/rc (AP, AFP, Reuters)