WASHINGTON, October 8, 2010 -- The World Bank Group has added a third seat for Sub-Saharan Africa to its executive board after the institution’s governors elected Dr Renosi Mokate, Former Deputy Governor of the South African Reserve Bank, to the Bank’s 25 member Board.
The election of Dr Mokate, which was completed today after a one-month balloting period, means she will take up her seat on the Bank Group’s Board of Executive Directors on November 1, 2010.
This achieves an important milestone in the Bank Group’s efforts over the past two years to boost voice and representation of developing and transition countries.
Developing and transition country shares in the Bank have seen a 4.6 percentage point increase over the past two years and now stand at 47.2 percent. This reform process, which began two years ago, was expanded at the Bank’s Spring Meetings in April this year.
“The election of Dr Mokate is very welcome as it delivers on the promise of a third seat for Sub-Saharan Africa on the World Bank’s Board and it also means developing countries will have a majority of seats at the table,” said World Bank Group President, Robert B. Zoellick. “The voices of developing countries are vital to delivering effective development and to reflecting the realities of today’s world.”
Reflecting this, the World Bank’s three Managing Directors and Chief Economist are for the first time in its history leaders from developing countries.
As former Deputy Governor at the South African Reserve Bank from August 2005, Dr Mokate represented South Africa on the G20 Forum as the Central Bank deputy. Prior to her appointment as Deputy Governor, she was Chairman and Chief Executive Officer of the Financial and Fiscal Commission (FCC) of South Africa.
Dr Mokate will represent South Africa, Nigeria and Angola when the Bank’s new Board session begins on November 1, 2010.