World Bank ready to offer expertise to eurozone

The World Bank's role is not to inject cash into the crisis-hit eurozone but it is ready to offer advice to struggling developed countries if asked, new president Jim Yong Kim said Thursday. "We have very specific technical expertise that may be of use and we have offered to provide that technical assistance if the European countries are interested," Kim told reporters after meeting South African leaders. "Our role is not to infuse large amounts of cash into the European economy, this is not our role, our sister organisation International Monetary Fund is much more involved in that area." On his debut trip as World Bank leader, Kim said that he had faith in the bank's expertise in areas like social expenditure and creating good business environments that could be of use to high-income countries hit by the crisis. "Of course, we have to be asked before we go in and offer advice and I simply wanted to make clear that we stand ready to offer that advice," he said. After taking the helm of the bank in July, Kim said that he did not plan to introduce a major shift in direction for the bank. "I would never dare to change a mission as powerful and clear as end poverty and boost prosperity, that's a wonderful mission to have," he said. "We just need to figure out a way to be the most effective organisation we can be in ending poverty and boosting prosperity," he added. Meanwhile South African Finance Minister Pravin Gordhan warned no country was immune to the repercussions of the eurozone crisis. "We still reiterate our own concerns as South Africa and as many African countries that this crisis is going on for too long," he said. Apart from sorting out banking and debt issues, the focus needed to be on returning Europe to growth and its role as an engine of growth as the world's second biggest collective economy. "Otherwise we are on a path of increasing decline in growth, increasing the number of jobless people around the globe, and increasing social tensions both within the European environment but possibly elsewhere as well," Gordhan warned. South Africa, which makes 40 percent of the Africa's economy, has felt the crisis in the eurozone, which is its biggest trade partner, particularly acutely. "What we are missing at this point in time is the level of leadership and boldness which will help both that region but more importantly the globe as a whole to move onto a new and different kind of growth path," said Gordhan. Kim is on the second leg of his African trip, which started in Ivory Coast on Tuesday. He met President Jacob Zuma and several ministers, saying the continent is a top focus. "It is one of my absolute top priorities, that's why on my very first trip as president of the World Bank I've come to the African continent so you can rest assured that on every level I am deeply committed to the growth and the success of Africa."