The World Bank announced that, Jim Yong Kim has been re-appointed for a second five-year term as its president, beginning July 1, next year.

Kim said in a statement, that, "Humbled to have the honour of serving a second term as the head of this great institution. I would focus on building a more inclusive world free of poverty."

"In order to deliver these goals, the Bank had to accelerate, become bolder and more agile, and reposition itself. We did this so that we could increase support for countries and deliver better results more quickly. I believe we are well on the way to achieve these important aims," Kim said.

"The challenges going forward remain large, with climate change, forced displacement and pandemics threatening the gains we have made to improve the lives of billions.”

"We will need to work even more closely with partners and continue to find new and innovative ways to leverage scarce development resources effectively," he said.

Nandini