US nominee Jim Yong Kim has been chosen as the new president of the World Bank.
The Korean-American health expert is president of Dartmouth College in the US state of New Hampshire.
He faced a strong challenge for the post, which has traditionally gone to an American, from Nigerian Finance Minister Ngozi Okonjo-Iweala.
Dr Kim will succeed Robert Zoellick, serving a five-year term beginning on 1 July.
Aged 52, Jim Yong Kim is a doctor lauded for his pioneering role in treating HIV/Aids and reducing the impact of tuberculosis in the developing world.
US Treasury Secretary Timothy Geithner said the new president's background would be valuable in the role.