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James Wolfensohn, Former World Bank Chief And Champion Of The Poor, Dies At 86

Added 11-25-20 11:07:01pm EST - “The financier is credited with transforming the World Bank. Among his reforms, he is said to have given "voice to the poor and magnify the impact of development investments."” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “James Wolfensohn, Former World Bank Chief And Champion Of The Poor, Dies At 86”. Below is an excerpt from the article.

Former World Bank President James Wolfensohn, pictured in 2006, died on Tuesday. He was 86. ALESSANDRO DELLA VALLE/AP hide caption

James Wolfensohn, whose reforms as the head of the World Bank Group for a decade made him known as a champion of the world's poor, died Tuesday in New York. He was 86.

The Sydney-born banker was president of the World Bank from 1995 to 2005. Throughout his time at the helm, he led its transformation, "increasing decentralization, advancing the Bank technologically, and making the organization more open and transparent," World Bank Group President David Malpass said in a statement on Wednesday.

Malpass added that under Wolfensohn's presidency, the Washington-based organization "sharpened its focus on poverty reduction and redoubled its efforts to combat corruption, give voice to the poor and magnify the impact of development investments."

Part of Wolfensohn's strategy to alleviate global poverty was to accelerate a shift away from difficult-to-maintain infrastructure projects in developing countries to more social-sector lending programs. He also concentrated efforts on rebuilding war-torn countries, including Rwanda and Bosnia.

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