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Obama Taps Jim Yong Kim for World Bank Candidate

President Barack Obama says his nominee to head the World Bank has key global experience that will help it improve conditions around the world.

Jim Yong Kim, new president of the World Bank.
Ramin Talaie | Bloomberg | Getty Images
Jim Yong Kim, new president of the World Bank.

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.