World Bank president Jim Yong Kim resigns ahead of term

World Bank president Jim Yong Kim resigns ahead of term

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

Jim Yong Kim, the president of the World Bank, says he is resigning at the end of January.

"It's 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 on Monday.

Two people familiar with Kim's announcement to the World Bank executive board said he was leaving of his own accord and was "not pushed out" by the Trump administration.

Dr Kim, the bank's 12th president, said on Monday that he will join a firm focusing on increasing infrastructure in developing countries, but the global lender provided no further details.

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

A South-Korean-born physician and anthropologist, raised in the United States, Kim has served as president of the World Bank since 2012. He was first elected president in 2010 and got reelected in 2017 for another 5-year term.

Dr Kim was nominated to the post for two terms by former USA president Barack Obama, and advocated financing for green energy projects while dropping support for coal power investments.

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

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