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U.S. nominates Kim for second World Bank term

Xinhua, August 25, 2016 Adjust font size:

The U.S. Treasury Department announced Thursday that the United States is nominating Jim Yong Kim as president of the World Bank for a second term.

"Re-electing President Kim will allow the World Bank to continue to build on ... important initiatives and reforms," Treasury Secretary Jacob Lew said in a statement.

Lew praised Kim for his efforts to address global development challenges such as reducing extreme poverty, tackling inequality and combating climate change.

The U.S. Treasury Department also supported the reforms at the World Bank Kim had launched, which have drawn criticism from World Bank employees.

"President Kim spearheaded needed reforms at the World Bank to better leverage knowledge within the Bank and enhance the use of the financial resources that shareholders provide," said Lew.

The World Bank Group said Tuesday that its board of executive directors decided to kick off the selection of its chief, following notification from its current president Kim that he would be interested in a second five-year term. Kim's current term expires on June 30, 2017.

Nominations for the position will open on Aug. 25 and close on Sept. 14, said the World Bank. Following the close of the nomination process, the bank's executive directors will decide on a shortlist of up to three candidates for interviews.

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. Endi