Current World Bank Group president Jim Yong Kim is the only candidate that has been nominated as the bank’s next leader, the World Bank announced Wednesday, paving the way for him to serve a second term.

As announced on August 23, the period for submitting nominations for the top position of the World Bank Group closed Wednesday evening, the World Bank said in a statement.

In accordance with the procedures previously announced, the executive directors of the World Bank will meet with Kim in Washington, DC, "with the expectation of completing the selection process by the 2016 Annual Meetings” in October, the Bank said.

Kim became the 12th president of the Bank on July 1, 2012, and his current term expires on June 30, 2017. Before this post, he served as president of the famous US academic institution Dartmouth College.

Agencies