World Bank’s president resigns to join investment firm

07 Jan 2019
Financial Nigeria


Jim Yong Kim’s stance on climate change has been at odds with the U.S. president’s policies.

President, World Bank Group, Jim Yong Kim

The President of the World Bank Group, Jim Yong Kim, has announced his plan to resign from the multilateral development bank effective February 1, 2019. His resignation comes three years earlier than the official expiration of his second term.

Kim, a physician and public health advocate, was first nominated in 2012 by former United States President Barack Obama. He was then re-elected for a second five-year term in 2017.

According to a statement released by the multilateral lender on Monday, Kim will be joining an investment firm to focus on increasing infrastructure investments in developing countries.

“It has been a great honour to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime,” Kim said.

The World Bank’s Chief Executive Officer, Kristalina Georgieva, will assume the role of interim president when Kim departs in February.

Two people familiar with Kim’s resignation announcement told the CNBC that he was leaving of his own volition and was “not pushed out” by the administration of United States President Donald Trump. Kim’s stance has been at odds with the U.S. president’s policies on climate change.

The World Bank stated that details about the infrastructure fund Kim is joining would be released at a later date.

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