Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, has lost the race for the World Bank Presidency to the United States nominated Jim Yong Kim.
Yong Kim who was nominated by the US president, Barack Obama, is a Korean-American health expert and current president of Dartmouth University.
A statement by the World Bank said that Dr. Jim Yong Kim will succeed Robert Zoellick, serving a five-year term beginning on 1 July.
“His deep development background coupled with his dedication to forging consensus will help breathe new life into the World Bank’s efforts to secure fast economic growth that is widely shared,” Mr Geithner, US Treasury Secretary said in a statement.
“Jim has seen poverty and vulnerability first-hand, through his impressive work in developing countries.
“His rigorous, science-based drive for results will be invaluable for the World Bank Group as it modernises to better serve client countries in overcoming poverty,” the outgoing president, Mr Zoellick said.
Meanwhile, the bank hailed the selection process as competitive, saying that the challenge posed by Mrs Okonjo-Iweala, as well as by Colombian candidate Jose Antonio Ocampo, would benefit the institution in the long run.
The World Bank said that the having three candidates had “enriched the discussion of the role of the president and of the World Bank Group’s future direction.”
This year’s vote was the first time the World Bank had to choose between candidates since its creation more than 60 years ago.
Mr Ocampo announced on Friday that he was withdrawing from the race and supporting Ms Okonjo-Iweala.
The World Bank did not provide details of the final vote or which country had backed which candidate.
Dr Kim will oversee a staff of 9,000 economists and development experts, and a loan portfolio that hit $258bn (£163bn) last year.
Mark Weisbrot of the Center for Economic and Policy Research in Washington suggested Dr Kim would make a very different kind of leader.
“There’s just no comparison between him and any of the prior World Bank presidents,” he said.
“The others were political insiders. They spent most of their lives getting rich or becoming politically powerful, or worse. Kim, by contrast, has spent most of his life trying to improve the lives of poor people.”