US nomination Jim Yong Kim has won the race to become the new president of the World Bank, it emerged yesterday (17 April).
The 53-year-old Korean-born physician and anthropologist has been voted in to succeed current head of the institution Robert Zoellick on a five-year term from 1 July this year.
Traditionally, the US has always held the presidency at the World Bank - a body established in 1944 and based in Washington DC - but this time, Nigerian finance minister Ngozi Okonjo-Iweala also put his name forward for the role.
However, despite the fact the 25-strong board was not unanimous in its opinion with Mr Okonjo-Iweala receiving the support of emerging economies such as Brazil, Mr Kim has been appointed to the position.
In a statement following his election, the official - who is also president of Dartmouth College - said: "I will seek a new alignment of the World Bank Group with a rapidly changing world."
By Asim Shah