The award, which is conferred by the Klepsidra society bringing together Bosnian academics, is named after Isa Beg Ishaković, who founded the Bosnian capital of Sarajevo in 1462.

The award is given out to a foreign statesman every year for their contribution to the international community as well as to the development of Sarajevo, the president's office said in a press release on Monday.

Klepsidra chairman Amel Suljović highlighted the strong friendly, historical and cultural ties that link Slovenia and Bosnia-Herzegovina on the occasion of nominating the Slovenian president for the 2014 award.

Furthermore, Suljović expressed appreciation for Slovenia's commitment to further all-around development of Sarajevo and Bosnia-Herzegovina as a whole.

Among the past laureates of the international award are Austrian President Heinz Ficher and Turkish Prime Minister Recep Tayyip Erdogan, as well as many other state leaders.

The award ceremony will be held at the Sarajevo National Theatre in late spring.