World Bank issues rules for selecting next president

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Current World Bank President Jim Yong Kim will step down from his position in January, leaving it up to Trump to nominate a replacement.

The Treasury Department told AFP on Friday it was not going to make statements about potential candidates.

Ivanka Trump was in 2017 behind the World Bank's $ 1 billion fund to promote women's business initiatives.

The United States, the bank's largest shareholder, has always chosen a leader, ever since the institution was founded after the Second World War.

World Bank CEO Kristalina Georgieva will serve as interim president.

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.

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

Ivanka has experience working with the Trump Organisation and managing her own lifestyle and fashion brand.

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. "It is a very complicated game", opined David Dollar, a former World Bank official and the Treasury's economic and financial emissary to China.

"I think frankly right now people in the bank are anxious about how do we protect the institution", former senior World Bank official told the Financial Times. The US prevailed in selecting its preferred candidate over challengers from Nigeria and Colombia, but the process was grueling.

But in 2012, Kim was the first American candidate to face a contested election for presidency.

The Trump administration, which has been wary of and even hostile toward Western-led worldwide institutions like the World Bank, will now be tasked with submitting a recommendation to the bank's board.



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