World Bank reappoints President Jim Yong Kim to second term

Executive Directors of the World Bank on Tuesday agreed unanimously to reappoint Jim Yong Kim to a second five-year term as president of the multilateral development bank.

"Executive Directors cited the achievements of Bank Group staff and management during Dr. Kim's first four years in office, and recognized his leadership and vision," the World Bank said in a statement, adding that his second term will begin on July 1, 2017.

Kim became the 12th president of the World Bank on July 1, 2012. Before this post, he served as president of the famous U.S. academic institution Dartmouth College.

Kim said Tuesday that he was "humbled" to have the honor of serving a second term as World Bank chief, and that he was committed to working closely with bank staff, partners, and member countries to address global challenges.

"The challenges going forward remain large, with climate change, forced displacement, and pandemics threatening the gains we have made to improve the lives of billions," he said in a statement.

"We will need to work even more closely with partners, and continue to find new and innovative ways to leverage scarce development resources effectively."

In a meeting between Kim and the board of executive directors, Kim stated that his "highest priority" going forward was institutional stability and deeper staff engagement, the World Bank said.

Kim also told the board that he would focus on making progress in three priority areas in the longer term: promoting economic growth by facilitating private sector investment in infrastructure; investing in human capital to support a country's ability to compete in a future economy; protecting the global economy from downside risks that threaten to undermine progress.

"Kim asserted that harnessing the expertise, knowledge and financial acumen of the Bank's world-class staff in the relentless pursuit of these three priority areas will move us significantly closer to achieving the Bank's goals" of ending poverty by 2030 and promoting shared prosperity, the World Bank said.