US Doctor Named As New World Bank Head

The World Bank has named US doctor Jim Yong Kim its next president.

The appointment came as Mr 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 Bank directors, Ms Okonjo-Iweala, herself a veteran of the institution, blasted the way the United States has held a lock on the position since the Bank was launched. Read More