Robert Zoellick, the former U.S. trade representative and an executive at Goldman Sachs Group Inc., will be nominated by President George W. Bush to replace Paul Wolfowitz as head of the World Bank, a senior administration official said.
Zoellick will take over an agency bruised by the scandal that engulfed Wolfowitz and beset by questions about its role as a lender to developing nations. Among his first tasks will be to reinvigorate a campaign to raise as much as $28 billion that World Bank officials say is needed to help the poorest countries over the coming three years.
Zoellick was President George H.W. Bush's personal representative at summits of the Group of Eight industrial nations, and in 1992 was appointed Bush's deputy chief of staff.
He was a foreign policy adviser to the younger Bush during his 2000 election campaign. As trade representative in Bush's first term, he completed talks to grant China and Taiwan membership in the World Trade Organization.
``He is well known as an internationalist and has experience beyond just the G-7 countries,'' said Ted Truman, a former Treasury official and a senior fellow at the Peterson Institute for International Economics in Washington. ``There are some questions about his management skills but he certainly has the intellectual heft to handle the job.''
When George W. Bush started his second term, Zoellick became deputy secretary of state. He was in the running to head the World Bank when Wolfowitz was selected in 2005.
He left the administration to become vice chairman for international business at Goldman Sachs Group Inc. He is a graduate of Swarthmore College in Swarthmore, Pennsylvania and holds a doctorate from Harvard Law School in Cambridge, Massachusetts.
Zoellick is another member of the Project for the New American Century alumni - just as Wolfowitz was. More here about why that matters...
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