Entries in World Bank (3)


World Bank Names New President

Ramin Talaie/Bloomberg via Getty Images(WASHINGTON) -- Dr. Jim Yong Kim Monday was chosen as the World Bank's new president, making him the Asian-American selected for the job.

The World Bank board of directors selected 52-year-old Kim, the Dartmouth College President and a specialist in HIV/AIDS, despite past trends to appoint candidates from the government and finance sectors.  The trend that has remained, however, is the U.S. control on the role.  Since its creation in 1944, the World Bank has been headed only by Americans.

President Obama congratulated Kim Monday and expressed his favor for the World Bank board's decision.

"I am confident that Dr. Kim will be an inclusive leader who will bring to the Bank a passion for and deep knowledge of development, a commitment to sustained economic growth, and the ability to respond to complex challenges and seize new opportunities," the president said Monday in a statement.
"I am also pleased that this has been an open and transparent process, and would like to take this opportunity to acknowledge the outstanding qualifications and commitment of the other two candidates," President Obama added.  

Candidates from Nigeria and Colombia also contended for the position.

Copyright 2012 ABC News Radio


Obama Taps Dartmouth President to Head World Bank

Ramin Talaie/Bloomberg via Getty Images(WASHINGTON) -- President Obama on Friday nominated Dartmouth College president Jim Yong Kim to head the World Bank – a surprise choice aimed at diversifying the organization’s leadership with someone experienced in development of third world countries.  

“The leader of the World Bank should have a deep understanding of both the role that development plays in the world and the importance of creating conditions where assistance is no longer needed,” Obama said at a Rose Garden press conference. “I believe that nobody is more qualified to carry out that mission than Dr. Jim Kim.”

“It's time for a development professional to lead the world's largest development agency,” he said, flanked by Kim, Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner.  

The World Bank, which is based in Washington, provides financial aid to many of the globe’s poorest countries for capital construction projects and new international trade programs. One of its top priorities is reducing poverty.

Kim, 49, who is by training a physician and anthropologist, co-founded the international global health advocacy group Partners in Health. He has worked at the World Health Organization, Harvard Medical School and, for the past three years, served as president of Dartmouth College.   

“Jim has truly global experience.  He has worked from Asia to Africa to the Americas, from capitals to small villages.  His personal story exemplifies the great diversity of our country and the fact that anyone can make it as far as he has as long as they're willing to work hard and look out for others,” Obama said. “His experience makes him ideally suited to forge partnerships all around the world.”

The Bank’s executive board, which is dominated by American members, is expected to make Obama’s choice official. Kim replaces Robert Zoelleck who resigned from the Bank presidency earlier this year.   

Copyright 2012 ABC News Radio


World Bank President Zoellick: Markets are in ‘New Danger Zone’ 

Sergio Dionisio/Bloomberg/Getty Images(SYDNEY) -- The President of the World Bank was not reserved in his evaluation of the world markets Sunday at the Asia Society's annual dinner in Sydney, Australia.

World markets have entered a “new danger zone,” Robert Zoellick warned, according to BBC News.

Zoellick said the global economy was going through a “multi-speed recovery,” and highlighted that developing countries will be key resources for future growth and opportunity as investors have already lost confidence in current economic leadership in key countries.

Zoellick pointed fingers at the U.S., whose debt rating downgrade by Standard and Poor’s shook investor confidence on a global scale, and has been attributed to the massive falls of global stock markets.  

Copyright 2011 ABC News Radio

ABC News Radio