Current World Bank President Kim only candidate for new term

Markets Associated Press

The World Bank says its current president, Jim Yong Kim, is the only person who has been nominated for the presidency of the 189-nation lending institution.

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The bank's executive board said Wednesday that nominations have now closed. The statement says Kim will be interviewed by the board with the expectation that a decision will be made before the bank's annual meeting on Oct. 7-9.

The Obama administration put Kim's name into nomination last month. He is widely expected to win a new term given the absence of rival candidates.

Kim was the president of Dartmouth College when he was first picked for the World Bank job in 2012. Since the creation of the World Bank after World War II, the top job has always gone to an American.