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First Chairman of the Independent Inspection Panel Mr. Ernst-Günther Bröder to chair the Panel again (July 31 ,1998)

CONTACT: Eduardo G. Abbott (202)458-5200

Washington, D.C. July 31, 1998. The members of the Inspection Panel unanimously elected Mr. Ernst-Günther Bröder to serve as Chairman of the Inspection Panel ("Panel") for a year beginning August 1, 1998. Mr. Bröder replaces Mr. Alvaro Umaña Quesada, who served as Chairman of the Panel from August 1, 1997 to July 31, 1998.

Under the terms of the Resolution that established the Panel, Mr. Bröder served as the Panel's first Chairperson. Mr. Bröder is the former President of the European Investment Bank (EIB), Luxembourg from 1984 to 1993, where he also served as a director from 1980 to 1984. He held several supervisory and consultative functions in international banks and other institutions. Mr. Bröder was a Governor of the European Bank for Reconstruction and Development, London from 1991 1993, and a member of the special advisory group for the Asian Development Bank, Manila from 1981 to1982. He is a member of the Panel of Conciliators for the International Centre for Settlement of Investment Disputes, Washington, D.C. He started his professional career in the Managing Board's staff of the Bayer Corporation from 1956 to1961 and served in the Technical Operations Department's Industry Division of the World Bank from 1961 to 1964. Before being appointed President of the EIB he served from 1964 to1984 in the Kreditantstalt für Wiederaufbau in Frankfurt, where he was a member of the Managing Board from 1975 to1984 and its spokesman since 1980. He has written and co-authored several books and articles on financial and economic subjects. Mr. Bröder holds a Doctorate in Economics from the University of Freiburg, and studied political and natural sciences at the Universities of Cologne, Mainz, and Paris.

For more information on the Inspection Panel, please visit our website:http://www.worldbank.org (search "Inspection Panel") or call the World Bank InfoShop (202) 458-5454.