Ivanka Trump won't be the next World Bank chief but she will play a role. Details here

President Donald Trump's eldest daughter and senior advisor Ivanka will help the US to pick the new World Bank president, the White House has said, dismissing media reports that she herself is a key contender for the top position.

World Bank's current president Jim Yong Kim announced last week that he will step down next month, triggering speculation about his replacement.

The Financial Times reported on Sunday that former US Ambassador to the UN Nikki Haley in addition to Ivanka were the possible candidates for the top job.

However, the White House refuted media reports that the daughter of the US President herself was under consideration for the bank's presidency.

Treasury Secretary Steven Mnuchin and Acting Chief of Staff Mick Mulvaney has asked Ivanka to "help manage the US nomination process as she's worked closely with the World Bank's leadership for the past two years - however, reports that she is under consideration are false," White House Deputy Director of Communication Jessica Ditto said on Monday.

An American has traditionally led the World Bank while the top position in the International Monetary Fund has been held from Europe.

While the candidature of World Bank presidency is finally approved by the financial institution itself, the US has a major say in its decision-making process by virtue of being its biggest stakeholder.

Last week, the World Bank announced its process to accept the application for the top position.

The World Bank works to promote economic development and poverty eradication through loans and technical support. The 189-member international financial institution provides loans to countries and focuses on development.

The US president cannot install its leader, who must be approved by the bank's board, but has traditionally placed his nominee in the job.

Trump has already faced harsh criticism for appointing his daughter as a senior White House advisor.