World Bank chooses US nominee Jim Yong Kim as next president

The World Bank's 25-member executive board of directors voted on Monday to select 52-year old Kim over Nigerian Finance Minister Ngozi Okonjo-Iweala.

Colombian economist Jose Antonio Ocampo, who was the third candidate, pulled out of the race on Friday, saying the selection would be made on political grounds and not based on merit.

Kim won the World Bank's top job due to the support he received from the allies of the US in Western Europe, Japan, Canada and some emerging market economies, including Mexico and South Korea.
Kim, a Korean-American, is currently President of the Ivy League university Dartmouth College. He was also a former director of the Department of HIV/AIDS at the World Health Organization.

US Treasury Secretary Timothy Geithner hailed the selection, saying Kim "has a lifetime of experience solving complex problems," adding that, “Kim will help breathe new life into the World Bank's efforts to promote economic growth around the world.”

Kim issued a statement on Monday, saying he accepts the position and lauded his experience with economists and other specialists.

Kim will replace outgoing President Robert Zoellick, the former US diplomat who is stepping down in June at the end of his five-year term.