US nominates Jim Yong Kim as WB president for second term

TIL Desk/Business/Washington-The US today nominated Jim Yong Kim to be the World Bank President for a second term, saying he has “ably led” the global development lender’s response to major crises and helped it focus on innovative ways to challenge issues like poverty and climate change. “I am proud to announce that today the United States has nominated World Bank President Jim Kim for a second term,” the US Treasury Secretary Jacob J Lew said.

“President Kim has used his first term to focus the World Bank on effectively addressing today’s most pressing global development challenges in innovative ways, from ending extreme poverty and tackling inequality, to combating climate change,” he said in a mid-night statement. The US is the World Bank’s largest shareholder.

Lew said Kim has also “ably led” responses to major crises, including battling the Ebola pandemic and addressing the refugee crisis. “In addition, President Kim spearheaded needed reforms at the World Bank to better leverage knowledge within the Bank and enhance the use of the financial resources that shareholders provide,” he said.