It has been reported that US President Donald J Trump is considering his daughter Ivanka for the soon-to-be-vacant Presidency of the World Bank Group. The Financial Times described the first daughter's name as "floating around Washington" to be the President's nominee. Ivanka Trump, a failed fashion entrepreneur, currently acts as a special adviser to her father. Former US Ambassador to the United Nations, Nikki Haley, has also been described as a candidate for the role.
In a surprise development World Bank Group (WBG) President Jim Yong Kim is to step down at the end of January. His successor will be selected by the Board of the Group's Executive Directors for a five-year, renewable term. As the largest investor in the WBG, the United States administration of current US President Trump effectively controls the organization's leadership succession. The World Bank Group is the largest single investor in water projects globally.
Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1.
In the unexpected announcement January 7, Kim said “it has been a great honor to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime.”
The World Bank offers loans, grants, and technical assistance to governments to support expanding or improving water infrastructure, improving management practices and ensuring community engagement.
A World Bank Goups statement read:
"Kim guided the institution in establishing two principal goals: to end extreme poverty by 2030 and to boost shared prosperity, with a particular focus on the bottom 40 percent of the population in developing countries.
During his six-year tenure, Kim also received wide support from the bank’s 189 member country shareholders for multiple initiatives to ensure the Bank’s leadership in the world of global development. Kim launched several innovative financial instruments to address infrastructure needs, prevent pandemics, and help persons displaced by climate shocks and conflict. The Bank is also working with the United Nations and leading technology companies to implement the Famine Action Mechanism, to detect warning signs earlier and prevent famines before they begin.
President Kim emphasized that one of the greatest needs in the developing world is infrastructure finance, and he pushed the Bank Group to maximize finance for development by working with a new cadre of private sector partners committed to building sustainable, climate-smart infrastructure in developing countries".