World Bank President Jim Yong Kim announces his departure

World Bank President Jim Yong Kim announces his departure

World Bank President Jim Yong Kim has resigned, more than three years before his term ends in 2022, the multilateral lender said on Monday.

"Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege", Kim said.

David Malpass, the Treasury's undersecretary for global affairs, has questioned the need for additional resources for the World Bank and other worldwide financial institutions, arguing instead that the lenders should focus more of their resources on poorer countries and lend less to middle-income countries such as China.

It is unclear if both candidates will put themselves up to succeed Kim in 2019. But in April, the lender won support from its member countries for a $13bn capital increase, after the USA dropped its objections.

"During his term, President Kim emphasized that one of the greatest needs in the developing world is infrastructure finance, and he pushed the Bank Group to maximize finance for development by working with a new cadre of private sector partners committed to building sustainable, climate-smart infrastructure in developing countries".

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World Bank staff also chafed at a widespread internal restructuring that Kim began, as well as spending and staff cuts.

Kim, who served as head of the organization for six years, will join a firm dedicated to raising funds toward infrastructure projects in developing countries. Ivanka Trump, the President's daughter and senior adviser, developed a woman's entrepreneurship initiative in partnership with the World Bank in 2017 with the goal of providing more than $1 billion in financing for small-business owners.

Kim said details about his new job would be released at a later date.

The World Bank's chief executive officer Kristalina Georgieva, will assume the role of interim president.

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