Jim Yong Kim named next World Bank president

(Jim Yong Kim)

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 Monday extends the U.S. hold on the top job at the 187-nation development agency, Associated Press reports.

Kim, a surprise nominee of U.S. President Barack Obama, was selected Monday 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 issued a statement accepting the job from Lima, Peru, his last stop on a global tour that took him to Africa, Asia and Latin America, seeking support from developing countries.

He praised his two opponents from developing countries and said his goal as president would be to "seek a new alignment of the World Bank with a rapidly changing world."

Developing countries had put forward two candidates for the post — Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo.

Both had argued that it was time to break the hold the United States has had on the World Bank job and provide a greater voice for developing nations.

For nearly seven decades, the World Bank has always been headed by an American while the International Monetary Fund has always been headed by a European.

Kim's selection marks a break from previous World Bank leaders who were typically political, legal or economic figures. He will begin a five-year term in July.

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