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Korean-born American Jim Yong Kim has been named as the next president of the World Bank.

The 52-year-old physician won the job over Nigerian Finance Minister Ngozi Okonjo-Iweala with the support of Western European countries, Japan, Canada, and emerging market economies like Russia.

Ahead of the nomination, Okonjo-Iweala said the appointment was being decided as a result of politics rather than merit, and that the U.S. nominee would win.

By convention, an American has held the top job at the World Bank since it was founded in 1944. But there has been increased pressure from emerging economies to open the processes of the organization to competition.

Kim is to begin his five-year term on July 1, replacing Robert Zoellick.

Based on reporting by AFP, Reuters, dpa, and AP

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