WASHINGTON, April 14 (Xinhuanet) -- Retiring World Bank President James Wolfensohn was named on Thursday international "special envoy" to help coordinate Israel's planned withdrawal from the Gaza Strip and to spearhead reconstruction efforts once the Palestinians take over the area.

    

(Photo: Xinhua)

US Secretary of State Condoleezza Rice made the announcement on behalf of the "quartet" of Middle East peace mediators -- the United States, the European Union, Russia and the United Nations --to which Wolfensohn would report.

    Rice said Wolfensohn's mission would include reviving the Palestinian economy after the withdrawal, as well as helping decide the fate of Israeli housing blocks and other "assets that will be left behind" when Israel evacuates all 21 settlements in Gaza and four of 120 settlements in the West Bank.

    Rice said Wolfensohn would try to rebuild Israeli-Palestinian trust, noting "The parties have shown good faith and political courage in recent months. But the obstacles before them remain substantial."

    Wolfensohn, 71, was born in Australia before becoming a US citizen. He arrived at the World Bank from Wall Street following a high-level career as an investment banker.

    Wolfensohn steps down on May 31 after 10 years as bank president. He will assume his new duties on June 1, and he will stay in the post until the end of the year, Rice said.

    Deputy US Defense Secretary Paul Wolfowitz is to replace him at the World Bank. Enditem