World Bank Group President Robert B. Zoellick has announced his decision to quit his position after a five year term with the World Bank by June 30th. Zoellick says his decision stems from the fact that the bank is strong, healthy and well positioned to face new challenges without him. In a statement released by the Bretton Wood institution, Mr. Zoellick states, “I’m honored to have led such a world class institution with so many talented and exceptional people. Together we have focused on supporting developing countries to navigate crises and adjust to global economic shifts. The Bank has recognized that we live in a world of multiple poles of growth where traditional concepts of the "Third World" are now outdated and where developing countries have a key role to play as growth drivers and responsible stakeholders. At the same time, we've scaled up our support to poor people, countries, and communities and shown that the Bank can be an indispensable innovator, catalyst, and driver of a modernized multilateralism,” he said. He added that he was pleased that when the world needed the Bank to step up, their shareholders responded with expanded resources and support for key reforms that made them quicker, more effective and more open. The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership. Mr Zoellick’s tenure achieved many successes for the bank including raising the general capital base of the bank as well as a record of $90billion raised for the IDA.