Dartmouth College president Jim Yong Kim (L) smiles as US President Barack Obama introduces him as his nominee to be the next president of the World Bank, during an announcement in the Rose Garden at the White House in Washington, March 23, 2012. [Photo/Agencies]

WASHINGTON - US President Barack Obama nominated Dartmouth College President Jim Yong Kim to head the World Bank on Friday.

Obama said Kim has the development experience needed to lead the organization when he announced the selection at the White House.

"Jim has spent more than two decades working to improve conditions in developing countries around the world," Obama said, "The World Bank is one of the most powerful tools we have to reduce poverty and raise standards of living around the globe, and Jim's personal experience and years of service make him an ideal candidate for this job."

Kim is a Korean-born physician and a prominent figure in global health and social medicine. He has served as the president of Dartmouth College since 2009.

Before assuming the Dartmouth presidency, Kim held professorships in medicine and social medicine at Harvard Medical School. He is a former director of the Department of HIV/AIDS at the World Health Organization (WHO).

The White House said in a statement that Jim Yong Kim has devoted his career to improving the lives of people in developing countries and championing the cause of global health.

Kim will succeed the outgoing Robert Zoellick, who plans to step down when his term expires at the end of June.

The 187-nation World Bank is an global financial institution which provides loans to developing countries to help reduce poverty and support development.

After the nomination process, the World Bank's 25-member executive board will decide on a shortlist of up to three candidates. The World Bank said it plans to fill the post by its spring meetings with the IMF in late April.

The United States has held the presidency of the World Bank since its founding after World War II, while a European has always led its sister lending organization, the International Monetary Fund.