World Bank picks American Dr. Kim as new President

The Executive Directors of the World Bank Group has selected US national, Dr Jim Yong Kim as the new President, the Bank said in a statement today April 16, 2012.

“The Executive Directors selected Dr. Jim Yong Kim as President for a five-year term beginning on July 1, 2012,” the statement said.  Kim is the 12th President of the Bank since it was established.

Dr Kim will take over from outgoing President Mr. Robert B. Zoellick, also a US national.

Dr Kim was contested by Nigeria’s Finance Minister Dr. Ngozi Okonjo-Iweala and Columbian national José Antonio Ocampo who later withdrew his candidacy.

The Bank’s Executive Directors expressed their deep appreciation to all the nominees and said “We all look forward to working with Dr. Kim when he assumes his responsibilities”.

As the Group’s President, Dr Kim will also Chair the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

He will also be an ex-officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

By Ekow Quandzie