BREAKING: World Bank President Jim Yong Kim announces resignation

World Bank President Jim Yong Kim announced Monday he would step down next month , more than three years before his current term was due to expire .The decision ends Kim ’ s six – year tenure and may give US President Donald decisive influence over the future leadership of the global development lender.

“ 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 .

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 .

Kim ’ s tenure was also marked by high levels of disaffection among World Bank staff , who chafed at a widespread internal restructuring that Kim began .

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

( AFP)

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