U.S. President Barack Obama has nominated South Korean-born Jim Yong Kim as the next leader of the World Bank.

President Obama said Kim, who is President of Dartmouth College, has international experience that would help to expand the World Bank’s roles.

Previous heads of the World bank have all been American, where as its sister organization, the International Monetary Fund, has been run by Europeans. Considering such precedents, Kim's nomination is likely to be approved.

The World Bank will hold a meeting with the IMF from April 16 and officially announce its next leader around April 20 to head the organization for the next five years.