World Bank's Kim to resign February 1

Marco Green
January 7, 2019

"Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege", Kim said.

Jim Yong Kim is to step down as the head of the World Bank, sending shock waves through the global aid community.

World Bank CEO Kristalina Georgieva will serve as interim president upon Kim's February 1 departure, the bank said in a statement.

Kim, 59, announced that he will immediately join a firm and focus on increasing infrastructure in developing countries, but the bank did not provide further details.

Last year, it also won approval for a sharp $13 billion capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China.

Trump has repeatedly voiced disdain for multilateral institutions and questioned U.S. foreign aid commitments, making it likely his authority to name a new president will be challenged by emerging economies that have in recent decades grown increasingly opposed to United States dominance over the global development bank.

Before taking up the World Bank leadership in 2012, Dr Kim served as President of Dartmouth College in the USA and held professorships at Harvard Medical School and the Harvard School of Public Health.

The World Bank said Kim had emphasized that infrastructure finance was one of the greatest needs in the developing world and had pushed the bank to work with a new cadre of private sector partners on "sustainable, climate-smart infrastructure".

Internal staff surveys showed rank and file frequently did not trust management or understand the direction in which the institution was headed.

Other reports by Click Lancashire

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