Two vie to lead World Bank after Colombian Ocampo pullout

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Colombia's Jose Antonio Ocampo withdrew from the race to lead the World Bank, endorsing Nigerian Ngozi Okonjo-Iweala's challenge against the favored US candidate, Colombian media reported.

But that likely did little to influence the probable choice next week of US health expert Jim Yong Kim to be the powerful development bank's next president, especially after Russia broke ranks with other emerging economies to endorse Kim.

In a statement published by Colombian media yesterday, Ocampo, a former Colombian finance minister, blasted the selection process as a 'political exercise' unrelated to candidate merits. He also blamed lack of formal support from his own government, saying that had hindered his ability to garner the backing of other countries.

"It is clear that this is not based on the merits of the candidates but is a political exercise," he said in the statement, referring to the widespread presumption that the US candidate would be chosen. "In this I am at a disadvantage by the lack of support from my own government and how this has prevented me from garnering political support for my candidacy."

Always considered a dark horse in the three-way race, Ocampo, currently professor at Columbia University in New York, said he would give his support to Nigerian finance minister and Bank veteran Okonjo-Iweala 'to facilitate the desired unity of the emerging and developing economies around one candidate'.

A coalition behind Okonjo-Iweala appeared imminent when Brazil's Finance Minister Guido Mantega said Brazil, Russia, India and China - the emerging economies known as the BRICS group, together with South Africa - would come together and endorse a single candidate.