Zoellick defends China loans
(Bloomberg)Updated: 2007-06-12 10:22
 Robert Zoellick, the U.S.'s nominee for the presidency of the World Bank, poses for a photographer during a break in an international tour in London, June 11, 2007. Zoellick, a vice chairman at Goldman Sachs and a former U.S. trade representative, said his first priority as president would be to soothe the wounded feelings of the institution's nearly 8,000 staff when he will succeed outgoing president Paul Wolfowitz, who is to step down on June 30. [AP]  |
"China has grown a tremendous degree, but if you get out in the countryside you still see there's an awful lot of poverty," Zoellick said in his first interview since President George W. Bush nominated him for the post on May 30. He added that aid to Africa will be his top priority.
In an hour-long discussion in Pretoria, South Africa, Zoellick struck a conciliatory note, stressing the need to consult with employees and member countries. Hostility from staff helped topple Paul Wolfowitz, who faced a rebellion over his management style and a pay increase for a bank employee with whom he was romantically involved.
"It's been a period of turmoil," said Zoellick, 53, wrapping up the African leg of a three-continent tour. "There's a time now to sort of try to calm the waters and get people back on track."
Zoellick takes the helm as the World Bank seeks to raise more than $28 billion from rich countries to help the poorest. The leadership change has also renewed questions over whether the bank should lend to countries such as China, India and Mexico, which can easily tap capital markets.
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