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The World Bank has named US doctor Jim Yong Kim as its next president.
The appointment came as Dr Kim's only rival, Nigerian Finance Minister Ngozi Okonjo-Iweala, lashed out at Washington's perennial lock on the job.
The US nominee faced a challenge for the first time ever.
But there was little doubt that the bank's most powerful shareholders - the United States, Europe and Japan - would support the Korean-American for the powerful job doling out money to developing countries.
But ahead of the meeting of the bank's directors, Ms Okonjo-Iweala - herself a veteran of the instit
Originally posted by Detrucci
This in itself is huge news...on such a big site too, The world bank looks like its getting alot of movement pushed forward. Things are going to get real interesting thats for sure. I for one didnt realise how far along this thing was. Looks like its already in place and now has a head to go along with it. Could this just be a puppet for now though?
What are your thoughts? What do you make of this?
... Nigerian Finance Minister Ngozi Okonjo-Iweala, lashed out at Washington's perennial lock on the job.
The World Bank is an international financial institution that provides loans to developing countries for capital programs.
The World Bank's official goal is the reduction of poverty. According to the World Bank's Articles of Agreement (As amended effective 16 February 1989) all of its decisions must be guided by a commitment to promote foreign investment, international trade and facilitate capital investment.
The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), whereas the latter incorporates these two in addition to three more: International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID).