The crisis of surging food prices could mean “seven lost years” in the fight against worldwide poverty, World Bank President Robert B. Zoellick said.

The World Bank's chief Zoellick outlines plan to advance development in Africa in face of market turmoil, high food and energy prices.

The World Bank says growth in East Asian economies will slow this year after a drop in global demand. But, the bank says inflation remains the biggest threat to the region's long-term economic stability.

There has been intense interest in the selection process for the next World Bank President, following the announcement of Mr. Wolfowitz's resignation effective June 30, 2007.

Today President Bush selected Ambassador Robert Zoellick as his candidate to head the World Bank. Robert Zoellick is the former US Trade Representative.

Net private capital flows to developing countries reached a record $647 billion in 2006, although the rate of growth of these flows slowed from 34 percent in 2005 to 17 percent in 2006. Emerging Europe attracted an increasing share of the overall flows and equity financing grew much faster than debt, says Global Development Finance 2007.

22 small-scale, innovative projects from 13 countries to benefit