Executive Directors of the World Bank today agreed unanimously to reappoint Dr. Jim Yong Kim to a second five-year term as President of the World Bank Group, beginning July 1, 2017.
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. Chairs acknowledged several accomplishments the institution has achieved during this time with strong Board support.
The Board noted that in the first year of Jim Yong Kim’s leadership, which began in July 2012, shareholders endorsed two ambitious new goals for the institution: to end extreme poverty by 2030, and to promote shared prosperity – boosting the income growth of the bottom 40 percent of the population in every developing country.
In pursuit of these goals, the Board endorsed a World Bank Group strategy that presented a basic blueprint for modernization: create “Global Practices” to promote better flow of knowledge across sectors, regions, and the Bank Group.
Some emerging markets had expressed support for breaking the tradition of having an American head the bank, but challengers from Nigeria and Colombia failed to win enough votes.
Jim Yong Kim’s appointment comes during a U.S. presidential campaign that has raised questions about the poor being left out of the benefits of trade and globalization in the world’s largest economy.
Republican nominee Donald Trump has argued that competition with foreign countries has cost the U.S. jobs, and both he and Democratic candidate Hillary Clinton oppose a proposed free-trade deal with Pacific nations.
Kim has indicated to the bank that his second term will focus on promoting economic growth through private-sector investment infrastructure, boosting education, health and skills-training programs, and creating a buffer for the global economy against downside risks, according to Tuesday’s statement.
World Bank and Bloomberg contributed to this report