ICYMI: World Bank President announces resignation

The President of the World Bank, Jim Yong Kim has announced that he will resign from office next month, which is over three years before his current term was due to expire.

Kim said in a statement, “It has been a great honor 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 in a statement.

Kim, who became president in 2012, is to join an as-yet unnamed firm focusing on investments in developing countries, the bank said in a statement, and will return to the board of Partners-in-Health, which he co-founded.

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Under Kim’s leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing.

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.

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

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