Dr Jim Yong Kim has been selected to take over the World Bank office as President starting July 1, succeeding Robert Zoellick, the World Bank said in a statement.
Dr Kim is known for his contibution to the treatment of HIV/AIDS and in reducting the impact of tuberculosis in the developing world.
Managing Director of International Monetary Fund (IMF), Christine Lagarde, in a statement, congratulated Kim for his appointment.
"I very much look forward to working with him and in further advancing the strong collaboration between our institutions," Lagarde said.
US Treasury Secretary Tim Geithner said, Kim has a lifetime of experience solving complex problems.
"His deep development background coupled with his dedication to forging consensus will help breathe new life into the World Bank's efforts to secure fast economic growth that is widely shared."
Dr Kim faced a tough challenge for the post, from Nigerian Finance Minister Ngozi Okonjo-Iweala, which was traditionally given to the American.
