World Bank commence process to select new president

World Bank commence process to select new president

World Bank commence process to select new president

The World Bank Board said Thursday it would start accepting nominations for a new leader early next month and name a replacement for outgoing-President Jim Yong Kim by mid-April.

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.

In addition to Trump and Haley, who stepped down as US Ambassador to the United Nations last month, other names being floated include Treasury Undersecretary for International Affairs David Malpass and Mark Green, head of the US Agency for International Development, the newspaper reported.

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"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.

Ivanka Trump in 2017 was the driving force behind a $1 billion, Saudi-supported World Bank fund to promote entrepreneurship by women.

The US has the largest voting share of any individual country, at about 16%, but blocs of countries - including the European Union - have larger voting shares.

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A spokesperson for the Treasury Department said they had received a "significant number of recommendations" and had no comment on potential candidates. U.S. officials involved in the process said they expected American efforts to pick Mr. Kim's successor to face even more challenges from the rest of the world. The US prevailed in selecting its preferred candidate over challengers from Nigeria and Colombia, but the process was grueling.

The member states of the World Bank, however, have to elect the nominated candidate, which is why most American presidents have chosen uncontroversial nominees.

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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