World Bank board elects new President

The World Bank board has approved Robert Zoellick as its new President. Mr Zoellick, proposed by U.S. President George Bush, will replace Paul Wolfowitz.

Mr Wolfowitz ends his tenure prematurely on June 30 after a scandal over allegations he secured a large pay raise for his companion.

Mr Zoellick was U.S. trade representative between 2001 and 2005.

The World Bank new president begins his five-year tenure on Sunday.