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I would like to express my deep gratitude to Robert Holland for his outstanding service as U.S. Executive Director and Alternate Executive Director at the World Bank over the last five years. Bob accomplished much during his tenure and he leaves a Bank stronger and better positioned. As a result of his efforts, the Bank is more focused than ever on achieving real results for the poorest citizens of the world's poorest countries.
He has been a strong and able advocate for critical reform at the Bank, including private sector development, the fight against corruption, institutional integrity and accountability, increased grants and debt relief. Very recently, Bob played an instrumental role in securing Executive Board approval of the Multilateral Debt Relief Initiative, which will provide over $37 billion in debt relief for the world's poorest and most indebted countries.
He has been a widely recognized leader on the Bank's Audit Committee, fighting for increased disclosure of the Bank's operations, best-practice internal control mechanisms and sound financial management of the Bank's resources. I especially appreciate Bob's efforts to assist President Wolfowitz in his leadership transition at the Bank. As he returns to the private sector, our very best wishes go out to Bob and his family.