Announcement of Saudi Arabia gets New Seat on World Bank Board of Directors on October 2, 1986

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington , D.C. 20433 , U.S.A.• Telephone : (202) 477-1234 BANK NEWS RELEASE Contact: Fawzi H. Rihane ( 202) 477-5325 SAUDI ARABIA GETS NEW SEAT ON WORLD BANK BOARD OF DIRECTORS a WASHINGTON, October 2 -- At l he regular election of Executive Directors held on October 1 at the Annual Meeting of the World Bank Board of Governors, Mr. Jobarah E. Suraisry was elected as Executive Director representing the Kingdom of Saudi Arabia. This election increases the number of the Bank's Executive Board from 21 to 22: five appointed by the five members having the largest number of shares of capital stock[*] and the rest elected by the Governors representing the other members. The number of elected Executive Directors has been increased from time to time, raising the number from the original 7 to 17 now. The last increase in the number of elected Executive Directors was approved by the Board of Governors in 1980. Mr. Suraisry, 37, was Alternate Executive Director for Saudi Arabia at the International Monetary Fund since June 1982. He has a BA in Economics and Political Sciences from King Saud University, Riyadh and a Ph.D. in Economics from the University of Colorado. He taught economics at King Saud University and was Advisor at the Saudi Ministry of Finance and National Economy. [*] United States, Japan, Germany, France and United Kingdom.