World Bank to pick new president by mid-April

The World Bank Board would start accepting nominations for a new leader early next month and name a replacement for outgoing-President Jim Yong Kim by mid-April.

The board of the Washington-based global development lender met Wednesday and agreed on the selection process and the plan to name a new president prior to the Spring meeting of the World Bank and International Monetary Fund, set for April 12-14 in Washington.

A short list of three candidates is due to be released after the close of the nominating period. The board will accept nominations from February 7 through March 14, AFP reported.

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.

Kim said he would step down on February 1 to join a private firm focusing on investments in developing countries. World Bank CEO Kristalina Georgieva will serve as interim president.