Lebanon nominated the Secretary-General of the High Council for Privatization and Private-Public partnership (PPP), Ziad Hayek, to become the next president of the World Bank. This is a move challenging President Donald Trump's pick, David Malpass, U.S. Treasury undersecretary for international affairs
Hayek's nomination was submitted in a letter to World Bank’s executive board, from the minister of Finance, that praised his qualifications.
Proud to have been nominated by Lebanon for the position of President of the World Bank Group! pic.twitter.com/HuKkCXdNaM— Ziad Alexandre Hayek (@ZiadHayek) February 19, 2019
Ziad Hayek's entry to this competition will draw other candidates to join before the World Bank and International Monetary Fund meetings in April.
The World Bank will be accepting nominations until March 14 and will limit the field to up to three candidates for a board vote.
Due to informal trans-Atlantic custom, the president of the World Bank has always been an American, but the tradition has been challenged by emerging markets in recent years.
Hayek has held many positions such as Vice Chair of the United Nations Working Party on PPP in Geneva, chief executive of Lonbridge Associates in London, and as senior managing director of Bear Stearns.
He also served on the Board of Trustees of USEK University, along with a number of other local NGOs.
Former World Bank President, Jim Kim, stepped down earlier this month three years before the end of his second term. He was first nominated by former U.S. President Barack Obama on March 23, 2012.