Article image World Bank to name new president by mid-April

13 January, 2019, 16:39 | Author: Wade Massey
  • Ogunlesi Adebayo is the Chairman and Managing Partner at the private equity firm Global Infrastructure Partners. Pic credit

Kim on Monday announced that he would be stepping down from his position at the World Bank effective Feb 1, more than three years ahead of the scheduled end of his second term as president of the worldwide lending institution in 2022.

The bank said nominations for president would be open to candidates from any member countries from February 7 to March 14, after which the directors will narrow the field to a shortlist of no more than three candidates.

The first competitive process for a World Bank president occurred in 2012, when Mr. Kim, a former Dartmouth professor nominated by President Barack Obama, was selected for the job.

The World Bank Group's executive directors have yet to settle on a candidate to replace the outgoing president, who will depart the development lending organisation in three weeks to join a New York-based investment firm.

Ivanka Trump, 37, serves as a senior adviser to the president; she shut down her own fashion label in July, saying that she would focus on her job in the White House.

"My previous experiences and recent years working at the World Bank have been rewarding efforts that have demonstrated how vital infrastructure development has become to the world", Kim said Tuesday in a statement.

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Any of the 189 member countries can nominate a candidate from any country but the bank's board also specified that the candidates must support the vision for financing sustainable development. The largest shareholders of the World Bank - including the US, China, Japan, and Germany - each have an individual director who represents their interests.

The World Bank on Thursday said it has commenced a process that will lead to the selection of a new president.

In any case, the success of a United States candidate is not completely assured.

'We are beginning the internal review process for a U.S. nominee, ' they said.

Trump's Administration has been opposed to globalist institutions such as the World Bank, but will now been tasked with suggesting someone for the role.

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