JAKARTA (TheInsiderStories) – Unexpectedly World Bank (WB) President Jim Yong Kim will stepped down from his position. He will leave the office by Feb. 1, 2019, three years sooner than his term period.
His resignation plan was unheard before. But he is known having differences with United States President Donald Trump on the investment climate change.
“Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege,” he said in a written statement on Tuesday (01/08).
Under Kim’ leadership, and with the backing of the Group’s 189 member countries, the WB has goals, to end extreme poverty by 2030 and to boost shared prosperity. In addition, the Fund be even better positioned to respond to the development needs of the members.
For an example, in April 2018, the Bank Group’s Governors overwhelmingly approved a historic US$13 billion capital increase for IBRD and IFC that to support countries in reaching their development goals while responding to crises such as climate change, pandemics, fragility, and underinvestment in human capital around the world.
Over the past 6 years, under Kim leaderships, the World Bank Group have provided financing at levels never seen outside of a financial crisis. Recognizing the power of capital markets to transform development finance, during his 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.
The Bank is also working with the United Nations and leading technology companies to implement the Famine Action Mechanism, to detect warning signs earlier and prevent famines before they begin.
President Kim emphasized that one of the greatest needs in the developing world is infrastructure finance, and he pushed the Bank 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.
To that end, he has announced that, immediately after his departure, he will join a firm and focus on increasing infrastructure investments in developing countries. The details of this new position will be announced shortly.
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 Feb. 1.