All eyes are on the World Bank in anticipation that history will be made when it announces its next president later today.

With Nigeria’s Ngozi Okonjo-Iweala still in the running, this is the first time a non-American has come so close to the coveted seat. His only rival for the post is Korean-born U.S. citizen, Jim Yong Kim.

Supporters of Okonjo-Iweala are trying not to get their hopes up, as Kim is still tipped to be the next World Bank chief, a position that has always been held by an American since its inception in 1944.

A third candidate, former Colombian Minister of Finance Jose Antonio Ocampo, withdrew Friday and threw his support to Okonjo-Iweala, but in a stinging parting shot called the selection process a “political exercise.”

South Africa, which is backing Okonjo-Iweala along with many other emerging countries, has contended that the notion of citizenship is outdated and that the choices should be based on merit, not geography, as part of broader reforms to make the institutions more representative and democratic.

“It’s no longer in the smoke-filled rooms of Europe and the United States that the spoils are shared,” said South African Finance Minister Pravin Gordhan commenting on the nomination process, but added that “established powers”’ would determine the final choice.

Supporters of the U.S. nominee, which include most of Europe among other countries, feel the result is a foregone conclusion. The 25-member World Bank board meets to vote later today.