Jorge Mario Bergoglio, 76, of Argentina was named the successor to Pope Benedict XVI at 6 p.m. PT after white smoke emerged out of the chimney at the Sistine Chapel on Wednesday.

Bergoglio, the Archbishop of Bueno Aires, toke on the name Pope Francis I. He is the first Jesuit Pope and the first non-European elected in 1,000 years.

The Argentinian Archbishop stepped out of the balcony at St. Peter's Basilica shortly after the announcement was made in the Vatican City before a cheering crowd of Catholics estimated to be numbered in the tens of thousands. He emerged an hour after the white smoke was released and bells rang (at 2 p.m. EST) on the second day of the conclave.

Pope Francis 1 - who speaks several languages including Spanish, Italian and German - delivered a speech before the roaring crowd.

"First and foremost I would like to pray for our emeritus Pope Benedict XVI that Christ and the Madonna watch over him." he said. "Let us being this journey together, this journey for the Roman Catholic Church. It's a journey of friendship and love and faith between us. Let us pray for one another, let us pray for all the world."

The new pope then asked for a moment of silence to pray for his new position.

"I'd ask you to pray to God so that he can bless me," he added. "Pray for me and I will see you soon. Have a good evening and rest well."

Bergoglio was elected on the second day of the conclave after the fifth round of voting, according to CNN. A total of 115 cardinals under the age of 80 participated in the election process.

Bergoglio has a degree in chemistry and was raised with four siblings in South America with a father who was a railroad worker. Pope Benedict XVI resigned on Feb. 28 for health reasons.

Watch the video of Pope Francis I emerge on the balcony at St. Peter's Basilica here.