Pretoria - World Bank President Robert Zoellick will step down at the end of June, the bank has announced.
"President Robert B. Zoellick announced today he would step down at the end of a five-year term in which a transformed bank played an historic role during the global economic crisis, using record replenishments to provide more than $247 billion to help developing countries boost growth and overcome poverty," said the World Bank on Wednesday.
The World Bank is a vital source of financial and technical assistance to developing countries worldwide.
"I'm honoured to have led such a world class institution with so many talented and exceptional people. Together, we have focused on supporting developing countries to navigate crises and adjust to global economic shift," said Zoellick.
Zoellick, who became the 11th president of the World Bank Group in 2007, said the bank has recognised that the world now has multiple poles of growth where traditional concepts of the "Third World" have become out-dated. Developing countries have a key role to play as growth drivers and responsible stakeholders.
Zoellick will step down on 30 June after helping to unveil a joint World Bank-China study later this month.
