Jim Yong Kim
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Obama nominates Jim Yong Kim to be president of the World Bank

President Obama has announced that he is nominating a Korean-born American academic, Jim Yong Kim, to be the new head of the World Bank.

He said Dr Kim had the experience necessary to forge partnerships all around the world and to lead an organisation that had such a wide remit.

Dr Kim, 52, had not been among the names rumoured to be under consideration by President Obama, which included former White House adviser Larry Summers, Pepsi head Indra Nooyi, and UN ambassador Susan Rice.