Okonjo-Iweala, Ocampo To Vie For World Bank Presidency

Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to make the first concerted challenge to the U.S. grip on the top job at the World Bank, according to sources.

The two globally respected economists and diplomats will be nominated for the World Bank presidency by South Africa and Brazil, the sources with knowledge of emerging market efforts to find candidates said.

But with the bank’s largest voting share and the expected support of most developed nations, the United States is still likely to ensure that another American succeeds Robert Zoellick, who plans to step down when his term expires at the end of June, according to agency report.

Washington has held the presidency since the bank’s founding after World War Two, while a European has always led its sister organisation, the International Monetary Fund. The United States has yet to publicly identify a nominee to succeed Zoellick.

The deadline for nominations is today, and the Obama administration has said it will name a candidate by then.