Jim Yong Kim, a Korean-American physician, will replace Robert Zoellick to become the new head of the World Bank.

The global financial institution said in a statement that Jim Yong Kim will replace Zoellick on July 1 as the new president of the World Bank. Kim, who was born in Seoul, South Korea, was selected over Nigerian finance minister Ngozi Okonjo-Iweala, who was backed by developing nations.

Kim promised that he would implement a new order in the World Bank Group to align it better with a rapidly changing world.

"Together, with partners old and new, we will foster an institution that responds effectively to the needs of its diverse clients and donors; delivers more powerful results to support sustained growth... amplifies the voices of developing countries ...," he said.

Kim is has been working as the president of Dartmouth College and is a co-founder of Partners in Health (PIH). He has also worked as the director of the Department of HIV/AIDS at the World Health Organization (WHO).

Kim expressed delight over the opportunity to succeed Robert Zoellick. He said that Zoellick has worked with excellence and distinction during the five years of his term at the World Bank. He pointed out that he has found after his discussions with the board of the organization and member countries that there is a global consensus on the need for inclusive growth.