Published: Sun, January 13, 2019
Worldwide | By Jermaine Blake

World Bank to name new president by mid-April

World Bank to name new president 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 global lending institution in 2022.

President Donald Trump's daughter and senior advisor, Ivanka Trump, is reportedly being considered to serve as president of The World Bank, which was established after World War II to help fund economic-development projects in emerging countries.

She began her career as a model before moving into business and accompanying her father at the boardroom table on the hit TV show 'The Apprentice'.

Other names in the hat include Treasury Undersecretary for International Affairs David Malpass and Mark Green, head of the US Agency for International Development, the publication said.

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.

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The department has received a 'significant number of recommendations, ' a spokesperson said. We look forward to working with the governors to select a new leader'.

On Thursday the Bank in a statement said its Board of Executive Directors met on Wednesday, January 9, under the chairmanship of its dean, Merza Hasan, to discuss the selection process for the next President.

Under an unwritten agreement, the U.S., which is the bank's largest shareholder, has always chosen its leader since the institution was founded following World War 2.

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

In a statement, the World Bank's directors said they were committed to an "open, merit-based and transparent selection process", a phrase that has become a rallying cry for opponents of American hegemony of the presidency, who say that an open process would consider non-Americans, too.

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