The United States has named the president of a prestigious US university as its candidate to lead the World Bank. Jim Yong Kim faces a challenge from developing country candidates.
"It's time for a development professional to lead the world's largest development agency," Obama said flanked by the Korean-American head of Dartmouth College.
Obama also was flanked by Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton, who had been rumoured to have been under consideration for the job.
The South Korean-born Kim is a Harvard-trained physician and former director of the department of HIV/AIDS at the World Health Organisation, according to his biographies provided by the White House and Dartmouth.
The US selection of Kim to lead the 187-nation development lender makes him an instant favourite to get the bank's top job.
Thanks to a tacit agreement, the US usually appoints an American to head the World Bank and Europe usually names a European to head the International Monetary Fund.
But that pact has triggered outrage from developing and emerging economies seeking greater representation to reflect their rising contributions to the global economy.
The successful candidate in the race will succeed World Bank president Robert Zoellick, who announced in February he was stepping down at the end of his term in June.
Earlier, Nigeria's finance minister joined the race for the top World Bank job, backed by Africa's leading economies in a push for greater influence at global financial bodies dominated by rich nations.
Ngozi Okonjo-Iweala, flanked by counterparts from South Africa and Angola, unveiled her candidacy at a press conference in Pretoria, putting the weight of Africa's biggest economy and its two biggest oil producers behind her bid.
Former Colombian finance minister and central bank chief, Jose Antonio Ocampo, announced his candidacy on Wednesday. US economist Jeffrey Sachs withdrew his self-declared candidacy today after the Obama announcement nomination and endorsed Jim.
A candidate must be presented by the bank's 25 executive directors, or by governors through the director representing them on the executive board.
