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H.E. Phan Wannamethee was elected as new WFB President. At the conference, the World Buddhist University (WBU) has been established in accordance with its Charter approved by the Conference on 1 November B.E. 2541 (1998) as an international community of Buddhist scholars and institutions engaged in research, training, spiritual practice and educational development based on Buddhism.  It will serve as a coordinating centre for academic affairs with all the Buddhist institutions and scholars through a networking system.  Its inauguration will be officially held in B.E. 2543 (2000) in conjunction with the 50th Anniversary of the WFB.