Africa, LatAm to challenge US hold on the World Bank

Developing nations may challenge the US’ historic hold on the presidency of the World Bank and are discussing African and South American candidates to compete with whoever the Obama administration nominates.

More than a month after World Bank President Robert Zoellick announced he
would step down when his term ends in June, the administration has yet to name its choice for the job. With the Friday deadline for nomination approaching, World Bank board members from developing countries have been caucusing over possible challengers and intend to make selection competitive, said Rogerio Studart, the Brazilian member of the bank’s 25-member executive board.

Studart said he is conferring with the nine countries he represents, including Colombia, about nominating Jose Antonio Ocampo, a professor at Columbia University who formerly served as Colombian finance minister and central bank governor.

South African executive director Renosi Mokate, who represents Nigeria on the executive board, may nominate Nigerian finance minister Ngozi Okonjo-Iweala, according to bank officials familiar with the nominating process. Okonjo-Iweala is a former top-ranking bank executive also receiving support from some Washington-based development experts. Read More