Jim Yong Kim is new World Bank president
Kim was favoured over Nigerian Finance Minister Ngozi Okonjo-Iweala, who was supported by South Africa and other developing countries, Xinhua reported.
"The executive directors selected Jim Yong Kim as president for a five-year term beginning on July 1, 2012," the Washington-based institution said in a statement.
Kim, a Korean-American public health expert and Dartmouth University president, will succeed outgoing president Robert Zoellick, whose term expires at the end of June.
A third candidate, former Colombian Minister of Finance Jose Antonio Ocampo, pulled out of the race Friday.
Full coverage: World Bank
The water level of the Yamuna river has crossed the danger mark in Delhi, increasing the threat of flood. Locals are gearing to face the crisis as the rains are at least twice as heavy as usual in northwest and central parts of India.
Date 21 hrs ago, Duration 1:02, Views 1023