He was 86 years old.

Former World Bank (WB) President James Wolfensohn died on Wednesday in New York at 86. This is stated in a statement By the Institute for advanced study in Princeton (New Jersey), whose Board of Trustees included the economist.

Wolfensohn passed away at his home in the Manhattan area. His son, Adam Wolfensohn, told the Washington Post that the cause of death was a complication from pneumonia.

The economist was President of the World Bank in 1995-2005. In this position, he “focused on reducing poverty and redoubled efforts in the fight against corruption,” the current head of the World Bank, David Malpas, said in a statement. He said the Bank’s employees had “deep admiration and respect” for Wolfensohn and his wife Elaine, who died in August 2020.

Wolfensohn visited Russia several times as head of the World Bank, most recently in 2005. He noted that the World Bank management is ready to share its experience in implementing the Russian Federation projects.