American Jim Yong Kim is Chosen to Lead World Bank

Posted: Mon 10:11 AM, Apr 16, 2012

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Reporter: Associated Press Email

Updated: Mon 11:18 AM, Apr 16, 2012

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American Jim Yong Kim is Chosen to Lead World Bank

Jim Yong Kim, Dartmouth College president, has been chosen by President Obama to be the next president of the World Bank, an administration source told CNN on Friday, March 23, 2012. The World Bank was created along with the International Monetary Fund in 1944 to help the Allied powers shape the post-World War II economic order. It now includes 187 member states, offering loans and grants as well as technical expertise for development projects around the world. The World Bank's projects range from health and education to infrastructure and private sector initiatives. It's a massive organization, comprising more than 9,000 employees in over 100 locations and offering nearly $250 billion worth of financial assistance over the past five years.

WASHINGTON (AP) - Jim Yong Kim, an American who is president of
Dartmouth College, has been chosen to be the next president of the
World Bank. His selection extends the U.S. hold on the top job at the 187-nation development agency.

Kim, a surprise nominee of President Barack Obama, was selected in a vote by the World Bank's 25-member executive board. He'll succeed Robert Zoellick, who's stepping down after a five year term.

Developing nations waged an unsuccessful challenge to Kim, 52, a
physician and pioneer in treating HIV/AIDS and tuberculosis in the
developing world.

Kim's selection marks a break from previous World Bank leaders who were typically political, legal or economic figures.

The World Bank raises money from its member nations and borrows
from investors to provide low-cost loans to developing countries.

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