The board of executive directors of the World Bank met last week to discuss the selection process for the next president of the World Bank Group.
The search for a new leaders follows the announcement that current president, Jim Yong Kim, will be stepping down from his position on 1 February.
The executive directors expressed their appreciation to President Kim for his leadership of the World Bank Group and its significant accomplishments during his tenure.
The World Bank Board affirmed its commitment to an open, merit-based and transparent selection process.
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’. 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; and,
• effective and diplomatic communication skills, impartiality and objectivity in the performance of the responsibilities of the position.
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).
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