BIZCHINA / Biz Who |
Zoellick defends China loans(Bloomberg)Updated: 2007-06-12 10:22 World Bank, defended lending to China in spite of the country's record currency reserves and the fastest economic growth of any major economy. "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. (For more biz stories, please visit Industry Updates) |