Jim Yong Kim ventures down as President of World Bank

World Bank President, Jim Yong Kim has made the unexpected announcement that he is leaving the chair following six years in the position.

 

His resignation will be implemented from 1 February 2019.

 

Mr. Kim who is 59, was not supposed to leave until 2022 since he was re-elected for a second five-year term in 2017.

 

He will "join a firm and pay attention to expanding infrastructure investments in developing nations," the World Bank said.

 

In an announcement, Mr. Kim stated: "It has been a significant privilege to fill in as President of this amazing organization, surrounded by energetic people committed to the mission of eradicating the worldwide poverty in our lifetime."

 

He or the World Bank did not give any reason behind this sudden resignation.

 

Mr. Kim's opinions were contradicting with the US President Donald Trump's strategies on environmental change. But, he had maintained a strategic distance from open conflicts with the Trump organization.


Kristalina Georgieva, the World Bank's CEO, will handle the chair as an interim president.

 

The World Bank has a remit to back worldwide development ventures.  It was established in 1947 to help revamp European nations destructed by World War II.

 

The World Bank helps infrastructure ventures with loans, interest-free credits or other aids.


Mr. Kim, who was born in Seoul, South Korea, trained as a doctor before he could ascend through the positions at the World Bank.

 

Previous U.S. President Barack Obama recommended him for his first and second terms as World Bank president.