The World Bank's executive directors have selected their new president, Dr Jim Yong Kim (in picture). He has a five-year mandate at arguably the most important institution tackling world poverty and is the first president selected via a new process.

“The Executive Directors followed the new selection process agreed in 2011 which, for the first time in the Bank’s history, yielded multiple nominees. This process included an open nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor, publication of the names of the candidates, interviews of the candidates by the Executive Directors, and final selection of the President,” reads the World Bank's statement.

But the process failed to elevate a non-US citizen to the presidency and has not been without its detractors. The final selection of the new president was made in secret and ended up going “exactly the same way as all the earlier stitch-ups: the American candidate won,” according to the Economist.

Dr Kim is the serving president at Dartmouth College, USA, and has held leadership positions in various institutions, including the World Health Organization. Also nominated were José Antonio Ocampo, of Columbia and Ngozi Okonjo-Iweala of Nigeria.

Dr Kim says he is looking forward to drawing on their experience. “Together, with partners old and new, we will foster an institution that responds effectively to the needs of its diverse clients and donors; delivers more powerful results to support sustained growth; prioritizes evidence-based solutions over ideology; amplifies the voices of developing countries; and draws on the expertise and experience of the people we serve,” said Dr Kim on winning the presidency. He added that the World Bank's founding goal of ending world poverty was closer than ever before.

The World Bank was founded in 1944 with the aim of eliminating poverty everywhere in the world. Its net administrative budget for the 2012 financial year is some USD 1.8 billion. The World Bank invests in development, gives and organizes loans and grants, as well as carrying out analysis around the world.

Liam Lever, liam@romania-insider.com

(photo source: Dartmouth College)