World Bank president Kim to step down on Feb 1

Mr Jim Yong Kim is leaving more than three years before his term is set to expire in 2022.
Mr Jim Yong Kim is leaving more than three years before his term is set to expire in 2022.

WASHINGTON • World Bank president Jim Yong Kim announced early today that he will be stepping down from his role at the international financial institution with effect from Feb 1.

The resignation of the 59-year-old Mr Kim, who has served as the multilateral lender's 12th president since 2012, came more than three years before his term was set to expire in 2022.

World Bank CEO Kristalina Georgieva will assume the role of interim president of the body after Mr Kim steps down.

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

"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," Mr Kim said in a statement.

Mr Kim was the first leader of the bank whose professional background was not in the political or financial sectors.

He was named the world's 50th most powerful person by Forbes Magazine in 2013.

A version of this article appeared in the print edition of The Straits Times on January 08, 2019, with the headline 'World Bank president Kim to step down on Feb 1'. Print Edition | Subscribe