Kim was the favorite choice of Washington among the two other candidates including José Antonio Ocampo, Colombia’s former finance minister, and Nigerian finance minister Ngozi Okonjo-Iweala.
Kim is different from his previous counterparts, as he is a doctor and anthropologist and not a banker, politician, or US foreign policymaker, the traditional professions of his predecessors.
Kim will replace the current World Bank president Robert Zoellick in July this year.
The World Bank has played a crucial role in the reconstruction and development of the poor nations since World War II.
"Kim’s 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," Zoellick said.
