President Barack Obama stands with Jim Yong Kim, his nominee...

President Barack Obama stands with Jim Yong Kim, his nominee to be the next World Bank President, in the Rose Garden of the White House in Washington. (March 23, 2012) Credit: AP

Obama said the Korean-born Kim's breadth of experience on development issues made him the ideal candidate to carry out the international financial institution's anti-poverty mission.

"It's time for a development professional to lead the world's largest development agency," Obama said Friday morning during a Rose Garden ceremony.

Obama was joined by Kim in the Rose Garden, along with Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton, who first recommended that Obama consider Kim for the World Bank post.

The 187-nation World Bank focuses on fighting poverty and promoting development. It is a leading source of development loans for countries seeking financing to build dams, roads and other infrastructure projects.

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