On March 23rd, President Barack Obama nominated Jim Yong Kim to become the next President of the World Bank. Kim is currently the President of Dartmouth College, and his nomination comes as somewhat of a surprise to the international community. A physician by training, Kim is a leading figure in global health and development circles.
Obama said, “It’s time for a development professional” to lead the world’s largest development agency. Voting power in the World Bank is weighted according to member contributions, the quota for which is determined by GDP. As the world’s largest economy, the United States carries enough voting power to ensure that its nominee becomes President.
The 187-nation World Bank focuses on fighting poverty and promoting development. It is a leading source of international development loans for countries seeking financing for infrastructure projects.
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