Former World Bank (WB) President James Wolfensohn has died in New York at the age of 87. This was reported by the Washington Post with reference to a statement by the Institute for Advanced Study in Princeton (New Jersey), the board of trustees of which included Wolfensohn.
The economist died on November 25 at his home in the Manhattan area of New York. His son Adam Wolfensohn told the publication that the cause of his father’s death were complications caused by pneumonia.
James Wolfensohn was born on December 5, 1933, in Sydney to a Jewish family who emigrated from England to Australia during the Great Depression. He received US citizenship in 1980.
Prior to joining the bank, Wolfensohn began his career as an investment banker, while working on development and the world economy. He officially took office as President of the World Bank on June 1, 1995 and held it until May 31, 2005.
According to the current head of the World Bank, David Melpas, in this position Wolfensohn paid special attention to poverty reduction, as well as redoubled efforts to fight corruption. In addition, he transformed the World Bank group, increasing decentralization and making the organization more open and transparent.
Melpas added that the employees of the credit organization treated “with deep admiration and respect” Wolfenson and his wife Elaine, who died in August 2020.
