Larry Summers (left), a former economic advisor to US President Barak Obama could be the most likely candidate to replace Robert B. Zoellick

Kigali: World Bank chief Robert B. Zoellick announced Wednesday that he would step down in June, a move that paves way for the conformation of an eventual replacement most likely to be a former close aide to US President Barak Obama, RNA reports.

Zoellick ends his five-year term at the global lender on June 30. The name doing the rounds as a most likely replacement is Larry Summers, a former economic advisor to Mr. Obama.

Zoellick said in a statement that he is leaving the Group “strong, healthy and well positioned for new challenges.”

It is a natural time for me to move on and support new leadership, added Zoellick.

On the list of accomplishments for the former George Bush administration insider, the World Banks says it has provided more than $247 billion to help developing countries boost growth and overcome poverty.

“The Bank has recognized that we live in a world of multiple poles of growth where traditional concepts of the "Third World" are now outdated and where developing countries have a key role to play as growth drivers and responsible stakeholders,” said Zoellick . 

“I’m very pleased that when the world needed the Bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open,” he added.

Since the World Bank and the International Monetary Fund (IMF) were established, a gentleman’s agreement has stayed put under which the US heads the former, as the Europeans have taken up the latter. However, pressure from rapidly developing nations like China, India and Brazil have recently piled as they demand greater control of the agenda at the two Breton woods institutions.

Reports surfaced last month of the possible appointment of Larry Summers, a renowned economist, by President Obama. Since then, the choice has been under fire from different quarters. 

But until June, Zoellick said that through he will stay “100% focused” on being Bank President and will continue to drive policy and programs at a heightened tempo. For example, in late February, he will help unveil a joint groundbreaking World Bank-China study on the future structure of China’s growth model, drawing lessons for other middle-income countries.