Washington, April 16 (IANS) The World Bank announced Monday that Jim Yong Kim, the US candidate, has been selected as the bank's new president.

Kim was favoured 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 Friday.