US President Obama Defends Jim Yong Kim’s Nomination as World Bank President

By on Mar 23, 2012 in Announcement, Banking, Business, Economy, Finance, World Comments

Jim Yong Kim
Image Credit: National Institute of Health

Jim Yong Kim, the president of Dartmouth College, was nominated by US President Obama as the next president of the World Bank, after Robert Zoellick announced that he will step down as World Bank president when his term expires on June 30, 2012. This was disclosed by several international news sites, March 23, 2012.

According to various reports, Obama’s nomination of Kim came as a surprise because Jim Yong Kim, 52, is known for his outstanding performance in the global health sector but not in the financial sector. Obama reportedly said however that:

Jim has truly global experience. His personal story exemplifies the great diversity of our country… and his experience makes him ideally suited to forge partnerships all around the world.”

Candidates for the World Bank presidency include Ngozi Okonjo-Iweala, finance minister of Nigeria, Jose Antonio Ocampo, central bank chief and finance minister of Colombia.

The World Bank grants financial loans to developing countries for infrastructure projects and alleviation of poverty. It is also composed of 187 nations from all over the world of which the US has the majority of voters.

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