Traditionally, the WB is the preserve of the United States, whose citizen has always led the Bank since its creation, in the wake of the Bretton Woods agreements in 1944.

But this hegemony was increasingly being challenged, particularly by the major emerging countries, led by Brazil, China, India and Russia, which have wanted for several years to see their place in international financial institutions strengthened.

The context of Russia's invasion of Ukraine and the trade war between China and the United States could have suggested competing candidates, with the Russian agency TASS even assuring, in early March, that Vladimir Putin would propose a Russian candidacy.

But nothing happened in the end and the WB confirmed Thursday in a statement: "the board of directors has received an application and specifies that Ajay Banga, a US citizen, will be considered for the position."

The name of David Malpass's successor, who will leave his post by the end of June at the latest, should be known at the beginning of May.

Despite the presence of a single candidate, the WB announced that it would complete the selection process as initially envisaged, including a hearing of Mr. Banga by the executive directors of the institution, who represent the main member states, before a possible appointment to the post.

However, no timetable is known for the next steps, said a source close to the WB, stressing that the opening, on April 10 and for a week, of the spring meetings of the International Monetary Fund (IMF) and the WB, may slightly lengthen the process.

"The announcement should not come before early May," the same source added.

In particular, David Malpass is due to deliver the first speech formally launching these biannual meetings of the two institutions, which are traditionally an opportunity to update global economic forecasts for the current year.

Support from emerging countries

The nomination process was formally opened on 23 February, with the United States proposing Mr. Banga's candidacy at its launch.

In the process, he embarked on numerous trips abroad, in order to obtain the widest possible support for his election, especially from emerging and developing countries.

Outgoing World Bank President David Malpass in Washington on February 14, 2023 © Brendan Smialowski / AFP

He can already count on India, Kenya and South Africa, which have already announced that they will support his candidacy.

And the Treasury Department is particularly optimistic for the continuation of the process, believing that "the reception (by other states) has been very positive," according to a Treasury official interviewed by AFP.

"I think the campaign is going very well," he added, "his experience is seen as essential, as is his knowledge of the private sector and the public-private partnerships, which are essential in the context of the World Bank."

A campaign nevertheless interrupted for a week, Mr. Banga being confined to India, after being tested positive for Covid-19.

While no other candidate had so far been publicly announced, states had the opportunity to transmit a candidacy privately to the WB Board of Directors, which could only announce the list of candidates at the end of the process, which ended on Wednesday evening.

Among its recommendations to States, the Bank had insisted on the possibility of nominating women for the position. Since its creation, the institution has been run only by men.

A U.S. citizen but born and raised in India, where he began his professional career, Ajay Banga would become the first World Bank president not to be born in the United States.

According to a tacit agreement between the Western powers dating back to 1945, the WB is traditionally headed by an American, with the IMF leadership reserved for a European.

© 2023 AFP