Robert B. Zoellick, U.S. President Bush's nominee for president of the World Bank, won the unanimous approval of the World Bank's board to succeed Paul Wolfowitz, who was forced to resign under a favoritism scandal.

The board said in a brief statement that Zoellick brings "strong leadership and managerial qualities as well as a proven track record in international affairs and the drive required to enhance the credibility and effectiveness of the bank."

The board "are confident that he will address the challenges facing the Bank, including a successful 15th replenishment of the International Development Association (IDA), development of a long-term strategy for the Bank Group and issues related to corporate governance," said the statement.

Zoellick, 53, met with the bank's 24-member board on Wednesday and outlined his views of the bank's opportunities and difficulties and told members that he would strive to stabilize the bank.

"It is a special honor and responsibility, and I am ready to get to work," said the former U.S. top trade envoy and No. 2 diplomat in a statement, shortly after the board's approval.

He said he will gain the perspectives and experience of all the people in the World Bank Group, including the staff working on the frontline of development in the field.

"The Bank's Board, staff, and many stakeholders know we face large challenges. We should approach them with a humility gained through years of experience," he said.

"This accomplished institution of development, reconstruction, and finance not only needs to adapt: It must lead the way to achieving sustainable globalization, founded upon inclusive growth, opportunity, and respect for personal dignity," he added.

U.S. President George W. Bush welcomed the announcement in a statement, in which he hailed Zoellick as "a dynamic leader who is deeply committed to the mission of the World Bank in helping struggling nations to defeat poverty, grow their economies, strengthen transparency and accountability in governance, and offer their people the prospect of a better life."

He said the United States would look forward to continuing its partnership with the development lender under Zoellick's leadership.

By tradition, the United States, as the bank's largest shareholder, names the World Bank chief and Europe nominates the leader of the International Monetary Fund.

Zoellick's predecessor, Paul D. Wolfowitz, resigned in May amid accusations of favoritism to his companion, a bank employee. His resignation will become effective on Saturday and the new president will take rein on Sunday.

Shaha Riza, Wolfowitz's girlfriend and once a staff member in the bank, was removed to work the U.S. State Department when Wolfowitz took over at the World Bank in 2005, to avoid any conflict of interest.

While still on the World Bank payroll, Riza was rapidly promoted and ended up with a package of tax-free salary to about 193,000 dollars, more even than Secretary of State Condoleezza Rice receives before tax.

Wolfowitz, 63, was an aide to then U.S. Defense Secretary Donald Rumsfeld in the run-up to the Iraq war. He was named by Bush to the World Bank post in 2005.

Editor: Yan