Obama backs Dartmouth College head for World Bank President Barack Obama stands with Jim Yong Kim, his nominee to be the next World Bank P...

Obama backs Dartmouth College head for World Bank

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, Friday, March 23, 2012. Kim is currently the president of Dartmouth College. (AP Photo/Charles Dharapak)

WASHINGTON — U.S. President Barack Obama says his nominee to head the World Bank has key global experience that will help it improve conditions around the world.

Obama says "it's time for a development professional" to lead the world's largest development agency.

Obama is nominating Dartmouth College President Jim Yong Kim to lead the international financial institution. The Korean-born Kim is a physician by training and a leading figure in global health and development circles.

Obama announced Kim's selection at a White House Rose Garden event.

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.

(Agencies)