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Jim Yong Kim selected as new World Bank president

Jim Yong Kim, currently the president of Dartmouth College, beat out two other candidates to take over the World Bank, beginning this summer.

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New World Bank President Jim Yong Kim leaves a hotel in Lima, April 16. The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries questioning the selection process.

Enrique Castro-Mendivil/REUTERS

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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.

Kim, a surprise nominee of 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's selection marks a break from previous World Bank leaders who were typically political, legal or economic figures. The World Bank raises money from its member nations and borrows from investors to provide low-cost loans to developing countries.

Treasury Secretary Timothy Geithner praised the selection, saying Kim "has a lifetime of experience solving complex problems." He said Kim "will help breathe new life into the World Bank's efforts" to promote economic growth around the 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.

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