Jim Yong Kim re-appointed as World Bank President

Jim Yong Kim has been re-appointed for a second five-year term as World Bank president, beginning July 1, next year, the bank announced.

"Humbled to have the honour of serving a second term as the head of this great institution. I would focus on building a more inclusive world free of poverty," Kim said in a statement.

He said the starting point for his work when he joined the Bank in 2012 was the setting of two ambitious new goals for the institution: to end extreme poverty by 2030, and to promote shared prosperity by boosting the income growth of the bottom 40 per cent of the population in every developing country.

"In order to deliver these goals, the Bank had to accelerate, become bolder and more agile, and reposition itself. We did this so that we could increase support for countries and deliver better results more quickly.

"I believe we are well on the way to achieve these important aims," he said.

"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.

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

Earlier in a statement, the Executive Directors of the World Bank noted that in the first year of 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...Read full Story