Former Minister bags World Bank’s executive position

Posted by admin General Politics, Latest Politics, Ministries, National Politics Tuesday, May 17th, 2011

Dr Mansur Muhtar, Former Minister of Finance, has been appointed to the Board of Executive Directors of the World Bank as alternate Executive Director

Muhtar said on Tuesday in Abuja that the appointment had created an additional space for Africa in the bank.

He said the appointment would strategically position Africa and give it more voice in the decision-making process of the board.

Muhtar said the appointment would also increase the voting power of African countries in the board of the institution.

African countries, he noted, had three constituencies, including South Africa, Nigeria and Angola out of the 23 constituencies in the bank.

Muhtar expressed optimism that with his appointment, Nigeria and Africa would have a stronger voice in the bank and be able to impact on its decision making.

He declared: “The World Bank is a strategic institution in global development issues, particularly in terms of its assistance to developing countries as well as providing technical advice.

“Having a representation on the board means that we will be able to influence decision-making and address the needs of the constituencies and Africa.

“It’s an opportunity to leverage with other executive directors from African countries, to be able to have greater support for Africa from the bank.”

Muhtar said the appointment would help Nigeria to derive greater benefits from its membership of the bank.

In his reaction, the Minister of Finance, Mr Olusegun Aganga, described the appointment as an honour to Nigeria, saying Muhtar would represent the country effectively on the World Bank board.

“I have no doubt that he is going to represent Nigeria properly at the World Bank,’’ he added.

Aganga advised Muhtar to put in his best and ensure that Nigeria got the best out of its relationship with the bank and IMF, “bearing in mind the projects of the Federal Government”.

The major responsibilities of the board include setting strategic directions and approving policies and programmes of the bank.

The appointment is for an initial period of two years, and is subject to renewal by the bank. (NAN)

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