DHAKA: World Bank Group President, Jim Yong Kim, announced that he will be stepping down from his position after more than six years. 

His resignation will take effect from 1 February.

“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,” said Kim, according to a press release of the World Bank. 

No reason was given for his unexpected resignation.

Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017.

He will join a firm and focus on increasing infrastructure investments in developing countries, the World Bank, in the statement, said.

In addition to working on infrastructure investments, Kim announced that he will also be re-joining the board of Partners In Health (PIH), an organization he co-founded more than 30 years ago, 

Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1.

Recognizing the power of capital markets to transform development finance, the Bank Group during Kim’s tenure also launched several new innovative financial instruments, including facilities to address infrastructure needs, prevent pandemics, and help the millions of people forcibly displaced from their homes by climate shocks, conflict, and violence.

BDST: 0937 HRS, JAN 8, 2019
RS