The World Bank Group has released details of how its new president would emerge following following the announcement of the current President, Jim Yong Kim, that he will be stepping down from his position on February 1, 2019.
The lender, in a statement released on Thursday disclosed that its Board of Executive Directors of the World Bank met January 9 under the Chairmanship of its Dean, Dr. Merza Hasan, to discuss the selection process for the next President.
The World Bank Board affirmed its commitment to an open, merit-based and transparent selection process.
The release stated that the Executive Directors agreed that candidates should be committed to the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.
According to the board, candidates should meet the following criteria:
- A proven track record of leadership
- Experience of managing large organizations with international exposure, and a familiarity with the public sector
- The ability to articulate a clear vision of the World Bank Group’s development mission;
- A firm commitment to and appreciation for multilateral cooperation;
- Effective and diplomatic communication skills, impartiality and objectivity in the performance of the responsibilities of the position
- Candidate must be a national of the Bank’s member countries
Submission of nominations begins February 7 by 9am Eastern Standard Time (EST) and ends on March 14 by 9 A.M. EST.
Nominations are made by Executive Directors, or by Governors through their Executive Director.
The statement explained that “following the close of the nomination period, the Executive Directors will decide on a shortlist of up to three candidates and publish the names of the shortlisted candidates with their consent. Formal interviews by the Executive Directors will be conducted for all shortlisted candidates with the expectation of selecting the new President before the Spring Meetings of 2019.”
It adds: “The President of the World Bank is ex officio chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
“The President is also ex officio chair of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).”