Nominations for new World Bank president open until March

Pretoria – The World Bank will receive nominations for the position of President of the Bank until March.

The selection of the next president was discussed at a board of executive directors meeting on Friday. This after current president Robert Zoellick announced that he would not seek reappointment at the end of his term, which expires on 30 June 2012.

Among the criteria agreed upon by the executive directors is that candidates should have a proven track record of leadership, experience of managing large organisations with international exposure as well as a firm commitment to and appreciation for multilateral cooperation.

Nominations for candidates end on 23 March. Nominations may be made by executive directors or by governors through their executive director.

“Candidates must be nationals of the bank’s member countries,” said the World Bank, adding that after nominations close, the executives will decide on a shortlist of up to three candidates.

Formal interviews by the executive directors will be conducted for all shortlisted nominees with the expectation of selecting the new president by consensus by the Spring Meetings (in April) of 2012.

The World Bank is a vital source of financial and technical assistance to developing countries worldwide.

Following the announcement of Zoellick’s departure on Wednesday, managing director of the International Monetary Fund Christine Lagarde said Zoellick had served the international community with distinction. – BuaNews