Current World Bank Group President Jim Yong Kim is the only candidate that has been nominated as the institution's next leader, the World Bank announced Wednesday, paving the way for him to serve a second term.
As announced on August 23, the period for submitting nominations for the top position of the World Bank Group closed at 6 p.m. EDT (2200 GMT) Wednesday evening, the World Bank said in a statement.
In accordance with the procedures previously announced, the executive directors of the World Bank will meet with Kim in Washington, D.C., "with the expectation of completing the selection process by the 2016 Annual Meetings" in October, it said.
Kim became the 12th president of the World Bank on July 1, 2012 and his current term expires on June 30, 2017.
Before this post, he served as president of the renown US Ivy League institution Dartmouth College.