World Bank selects Jim Yong Kim as its next President

United States nominee Jim Yong Kim was on Monday chosen as the next president of the World Bank, an appointment that continues the longstanding tradition of an American leading the Washington-based institution.

"Dr Jim Young Kim of the United States would be the next president of the World Bank," an official announcement said Monday.

Kim, 52, will take over at the beginning of July, after the current president, Robert B Zoellick, steps down at the end of his five-year term. Seoul-born Kim is currently president of Dartmouth College.

Kim is a co-founder of Partners in Health and a former director of the Department of HIV/AIDS at the World Health Organisation.

In a statement, the World Bank Board of executive directors expressed its deep gratitude for Zoellick's outstanding leadership and his dedication to reducing poverty in its member countries, the core mandate of the World Bank Group.

Dr Kim was selected from three candidates. The other two were Jose Antonio Ocampo, the former Colombian central banker and United Nations official and Ngozi Okonjo- Iweala.

Numerous African countries had rallied around Ngozi Okonjo-Iweala, the Nigerian finance minister and former World Bank managing director.

"The final nominees received support from different member countries, which reflected the high caliber of the candidates. We all look forward to working with Dr Kim when he assumes his responsibilities," the World Bank said in its statement.

The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development  and the International Development Association.

He is also ex officio Chair of the Boards of directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency, and the

Administrative Council of the International Centre for Settlement of Investment Disputes.