Mr Zoellick may be the only person nominated for the job

The new president has been chosen by the bank's 24-member board of governors, from candidates nominated by its executive directors.

In a statement in May, the bank noted that any executive director can make a nomination, not just the US one.

All past World Bank presidents have been US citizens.

QUALITIES FOR PRESIDENT A proven track record of leadership Experience managing large, international organisations A familiarity with the public sector A willingness to tackle governance reform A firm commitment to development A commitment to and appreciation for multilateral cooperation Political objectivity and independence

Traditionally, the US gets to choose the World Bank president because it is the biggest single donor to the development body.

In return, Europe gets to choose who will be the head of the International Monetary Fund.

In response to interest in the selection process, the World Bank's executive directors released a list of key qualities they were looking for in any new president.

They said they expected "an intensive process of formal and informal consultation" over nominees.

Some World Bank members have suggested that it is time the process was thrown open to non-Americans in practice as well as in principle.