Jim Yong Kim has been re-appointed for a second five-year term as World Bank president, beginning July 1, next year, the bank announced.
"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," Kim said in a statement.
He said the starting point for his work when he joined the Bank in 2012 was the setting of two ambitious new goals for the institution: to end extreme poverty by 2030, and to promote shared prosperity by boosting the income growth of the bottom 40 per cent of the population in every developing country.
"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," he 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," Kim said.
Earlier in a statement, the Executive Directors of the World Bank noted that in the first year of Kim's leadership, which began in July 2012, shareholders endorsed two ambitious new goals for the institution: to end extreme poverty by 2030, and to promote shared prosperity.
In pursuit of these goals, the Board endorsed a World Bank Group strategy that presented a basic blueprint for modernisation: create global practices to promote better flow of knowledge across sectors, regions, and the Bank Group.
Board members welcomed an increased focus on the Global Public Goods agenda and financial innovation under his leadership.
They also highlighted that Kim encouraged the institution to ramp up its work on climate change, both in intellectual leadership and in financing, with an announcement in the fall of 2015 to increase climate financing potentially to 28 per cent of total commitments by 2020, based on client demand.
In the meeting between Kim and the Board, Kim stated that his highest priority going forward is institutional stability and deeper staff engagement as he paid tribute to the high caliber of the bank's dedicated and professional staff.
Kim also pointed to this year's IDA-18 replenishment and the need to ensure that they mobilise record funds for the poorest countries and with the support of donors, develop innovative new ways to leverage scarce development resources.