World Bank president Jim Yong Kim to step down early
‘The opportunity to join the private sector was unexpected, but I’ve concluded that this is the path through which I will be able to make the largest impact’
Jim Yong Kim said he’ll step down as president of the World Bank Group at the end of the month, leaving a void at the top of the development lender as it grapples with turbulence in emerging markets and US doubts about the usefulness of multilateral institutions. Kristalina Georgieva, the lender’s second in command, will take over as interim president on February 1, the Washington-based bank said on Monday in a statement. In an e-mail to employees of the bank, Kim said he’ll join a private firm focused on infrastructure investments in developing countries. “The opportunity to join the private sector was unexpected, but I’ve concluded that this is the path through which I will be able to make the largest impact on major global issues like climate change and the infrastructure deficit in emerging markets,” Kim said. Kim began his second five-year term at the bank on July 1 2017, after convincing the lender’s board of directors to reappoint him. The Trump administration has put pressur...
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