World Bank President Jim Yong Kim effectively won a second five year term after nominations to lead the global development bank closed on Wednesday with no other candidates proposed. The World Bank executive board said in a statement that, following official procedures, it would formally meet with Kim as a candidate with the expectation of completing the selection process by the 2016 Annual Meetings, which take place on 7th to 9th of October.Kim, a Korean-American medical doctor who has focused the World Bank on programs to reduce extreme poverty, earned solid backing for a second term from the United States, France, Germany, China, and other major shareholders of the bank.