Sri Mulyani Indrawati has been appointed as the new Managing Director of the World Bank.

After an exhaustive international recruitment process the World Bank has announced the appointment of Indonesia’s Finance Minister, Sri Mulyani Indrawati, as Managing Director of the Group.

The World Bank is not a bank in the traditional sense, but a financial and technical assistance resource to help developing countries around the world. It is owned by its 186 member countries including the US, Japan, China, Germany, France and the UK which hold the majority powers.

Ms. Indrawati’s appointment follows a raft of plaudits for the successful way she has managed the economic policy for one of the largest countries in South East Asia during the global economic crisis.

“I am delighted to announce the appointment of Sri Mulyani Indrawati. She has been an outstanding Finance Minister with in-depth knowledge of both development issues and the role of the World Bank Group,” said World Bank President Robert B. Zoellick.

“As a member of the senior team she will play a key role in helping to lead the Bank as we move to strengthen client support, implement our reform program, and anticipate future challenges,” he added.

Ms. Indrawati has been Finance Minister in Indonesia since 2005 and the first woman to hold the position. Previous governmental roles have included State Minister and Chair of the Indonesian National Development Planning Agency and Coordinating Minister of Economic Affairs. From 2002 - 2004, she was an Executive Director on the Board of the International Monetary Fund and she has also held positions on faculty of the University of Indonesia and the Andrew Young School of Public Policy at Georgia State University.

Commenting on her appointment Ms. Indrawati said: “It is a great honour for me and also for my country to have this opportunity to contribute to the very important mission of the Bank in changing the world.”

Ms. Indrawati will supervise three regions in her new role: Latin America and Caribbean, Middle East and North Africa, and East Asia and Pacific; and she will also oversee the Information Systems Group.

Ms. Indrawati will join the Bank on 1 June 2010, enabling a transition period with Juan Jose Daboub who completes his four year term as Managing Director on 30 June.