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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

World Bank picks 'US choice' Jim Yong Kim as new chief

Tuesday - Apr 17, 2012, 02:23pm (GMT+5.5)
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Washington - The World Bank has named Korean-born American health expert Jim Yong Kim as its new president.

Kim, a 52-year-old US health expert and educator was chosen over Nigerian Finance Minister Ngozi Okonjo-Iweala.

Directors of the bank expressed 'deep appreciation' for Kim, Okonjo-Iweala and a third candidate, Colombian economist Jose Antonio Ocampo, who recently pulled out of the race, The Telegraph reports.

"Their candidacies enriched the discussion of the role of the president and of the World Bank Group's future direction," the Bank said in a statement.

"The final nominees received support from different member countries, which reflected the high caliber of the candidates," it added.

Kim will replace outgoing President Robert Zoellick, the former US diplomat who is departing in June at the end of his five-year term.

America has held the presidency since the World Bank's founding after World War Two, while a European has always led its sister institution, the International Monetary Fund.


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