World Bank chief Jim Yong Kim will seek a second term of office, as the institution announced the start of a selection process for the presidency.

The election comes after bank employees said in a rare public rebuke that the bank faces a leadership crisis.

The bank supports open, merit-based and transparent selection and will be calling for nominations from all member countries.

The World Bank faces questions about its relevance on the world stage as developing countries can now borrow from other lenders, such as the Asian Infrastructure Investment Bank.