Kim, a surprise nominee of President Obama, was selected in a vote by the World Bank's 25-member executive board. He'll succeed Robert Zoellick, who's stepping down after a five year term.

When Obama nominated Kim last month, he said Kim's global experience will help the bank improve conditions around the world.

"It's time for a development professional" to lead the world's largest development agency," Obama said.

The Korean-born Kim is a physician by training and a leading figure in global health and development circles.

Developing nations waged an unsuccessful challenge to Kim, 52, a pioneer in treating HIV/AIDS and tuberculosis in the developing world.

Kim's selection marks a break from previous World Bank leaders who were typically political, legal or economic figures.

The 187-nation World Bank focuses on fighting poverty and promoting development. The World Bank has always been headed by an American and is a leading source of development loans for countries seeking financing for infrastructure projects.