Ivanka Trump 'in the running for World Bank presidency'
Donald Trump's daughter Ivanka is reportedly one of a handful of people being considered as the new head of the World Bank.
The US president's eldest daughter has been mentioned as a possible successor to Jim Yong Kim, who stood down last week, three and a half years before his term was up.
The sudden departure last week of Mr Kim, who was first appointed by Barack Obama in 2011 and re-elected in 2016, means Mr Trump can now choose a successor. According to the Financial Times, names being thrown into the mix for the role include Ivanka Trump, Treasury official David Malpass, former UN ambassador Nikki Haley and head of the US Agency for International Development Mark Green.
Historically, the person that the US - the biggest shareholder - puts forward to be considered for the role is approved by the board, and the European shareholders select someone to lead the International Monetary Fund.
However, this deal has received increasing criticism from countries such as China, which led to the board introducing a new process in 2011, which promises to be "open, merit-based and transparent".
In this process, if there are more than three candidates there will be a shortlisting process where the board will narrow the field through an informal straw poll or vote. The shortlisted candidates will be interviewed by the board before it makes a final selection. It is believed the new president will begin a new five-year term once selected.
The World Bank (formerly called the International Bank for Reconstruction and Development) was founded in 1944 to give loans to help rebuild countries devastated after the Second World War.
Today, the World Bank group has long-standing relationships with more than 180 member countries and helps developing countries by giving them funding and technical assistance.
Its mission by 2030 includes ending extreme poverty by decreasing the number of people living on less than €1.66 a day to no more than 3pc of the global population.
According to World Bank data, the percentage of people living in extreme poverty globally fell to a new low of 10pc in 2015 - the most recent figure available - which was down from 11 per cent in 2013. The number of people living on less than €1.66 a day fell during this period by 68 million to a total of 736 million.