Washington: The World Bank announced on Monday that Jim Yong Kim, the US candidate, has been selected as the bank's new president.

Kim was favored over Nigerian Finance Minister Ngozi Okonjo-Iweala, who was supported by South Africa and other developing countries, Xinhua reported.

"The executive directors selected Jim Yong Kim as president for a five-year term beginning on July 1, 2012," the Washington-based institution said in a statement.

Kim, a Korean-American public health expert and Dartmouth University president, will succeed outgoing president Robert Zoellick, whose term expires at the end of June.

A third candidate, former Colombian Minister of Finance Jose Antonio Ocampo, pulled out of the race on Friday.