Election process for next president announced by World Bank

Kim first became the 12th president of the World Bank on July 1, 2012. Before this post, he served as president of the famous US academic institution Dartmouth College

Election process for next president announced by World Bank -

Washington, Jan 11: The outline for the selection process for the next president of the World Bank has been discussed as Jim Yong Kim, the current president of the World Bank has announced an early departure earlier this week.

The board of executive directors of the World Bank has affirmed its commitment to an "open, merit-based and transparent" selection process in a board meeting, on Wednesday, the World Bank said in a statement on Thursday.

"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," the statement said.

Candidates are also supposed to meet several important criteria, including a proven track record of leadership, experience of the managegement of large organizations with international exposure, and a firm commitment to and appreciation for multilateral cooperation, according to the World Bank.

The bank said nominations for the next World Bank president shall be submitted between Feb. 7 and March 14, and the executive directors will decide on a shortlist of up to three candidates.

"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" in April, said the bank.

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 international lending institution in 2022.