On Monday, the World Bank announced that its new president would be American Jim Yong Kim.
Unlike previous World Bank Presidents, who typically have economics, finance or business backgrounds, Kim is a physician who built his reputation developing public health programs for poor countries.
A physician with a doctorate in anthropology, Kim was criticized by some development professionals concerned that his narrow expertise was wrong for such a diverse institution. The bank offers loans and grants to the poorest nations and pursues an array of projects in better-developed nations as well — from helping fund power plants and other infrastructure to helping countries strengthen their financial markets and government institutions.
[Analyst for the African Center for Leadership, Strategy and Development Otive] Igbuzor said in a phone interview that without providing a greater role to emerging economies, the World Bank risked irrelevance — and a threat that in future those economies could form their own development bank.