President Barack Obama says his nominee to head the World Bank has key global experience that will help it improve conditions around the world.
Obama says "it's time for a development professional" to lead the world's largest development agency.
Obama is nominating Dartmouth College President Jim Yong Kim to lead the international financial institution. The Korean-born Kim is a physician by training and a leading figure in global health and development circles.
Obama announced Kim's selection at a White House Rose Garden event.
The 187-nation World Bank focuses on fighting poverty and promoting development. The World Bank has always been headed by an American and is a leading source of development loans for countries seeking financing for infrastructure projects.