25 July 2003 Media Statement

John Austin to World Bank

Finance Minister Michael Cullen today announced the appointment of New Zealander John Austin as the next Executive Director of the World Bank.

Dr Cullen, as New Zealand’s Governor to the Bank, nominated Mr Austin.

“It is a credit to John that his nomination was supported by all 13 members of the constituency of countries within which New Zealand is represented at the Bank: Australia, Cambodia, Federated States of Micronesia, Kiribati, Marshall Islands, Mongolia, New Zealand, Palau, Papua New Guinea, the Republic of Korea, Samoa, the Solomon Islands and Vanuatu,” Dr Cullen said.

"Mr Austin has recently resigned as an Executive Director of Nimmo-Bell Limited, a private development bank, to take up his new role. Prior to this, he was the Alternate Executive Director to the Asian Development Bank (ADB) for six years.”

He will take up the World Bank position in August and will serve a two-year term.

He will be based in Washington.

“John’s experience, particularly with the ADB, gives him a strong understanding of international financial institutions and development banking as well as other development issues for small island countries,” Dr Cullen said.

Dr Cullen will attend the World Bank Annual Meeting in Dubai, United Arab Emirates in September along with other World Bank Governors.

ENDS

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