Jose Antonio Ocampo, a former Colombian Minister of Finance, has announced he is withdrawing his bid to become president of the World Bank. He says he will support Nigerian Finance Minister Ngozi Okonjo-Iweala (EN'-goh-zee oh-CON'-joh ee-WAH'-la)
Ocampo confirmed his decision in a telephone interview with The Associated Press from Brazil, where he met Thursday with Brazilian Finance Minister Guido Mantega (GEE'-doh MAN'-tega).
Dartmouth University President Jim Yong Kim, who was nominated by the Obama administration, is expected to win the World Bank job. The bank's 25-member executive board is expected to vote on the matter Monday.
The World Bank presidency has always gone to an American, while the International Monetary Fund has always been headed by a European. However, developing nations are challenging this tradition.