You are here: Home » News-IANS » Business-Economy
Business Standard

World Bank President resigns

IANS  |  Washington 

Kim has abruptly resigned from his post to join a private investment firm, an unexpected departure that comes nearly three years before the end of his term.

Kim, who had served in the role since 2012, announced on Monday that he would leave his post well ahead of his term's expiration at the end of 2021, reports

"It has been a great honour to serve as of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime," Kim wrote in a statement.

"The work of the Group is more important now than ever as the aspirations of the poor rise all over the world, and problems like climate change, pandemics, famine and refugees continue to grow in both their scale and complexity."

A statement from the said the outgoing would join a firm focusing on investments in the developing world and return to the board of a health organisation he founded three decades ago.

Since its founding at the end of World War II, the has been led by Americans, all of whom were appointed by the The US is the bank's largest shareholder.

Former President broke tradition in 2012 by choosing Kim, who was serving as president of at the time.

had emerged from the financial world, but Kim -- who was born in Seoul, South Korea, but raised in -- is an by training.

The did not immediately comment on Monday whether President plans to name a new replacement or provide a list of potential candidates, reported.

The has enjoyed a close working relationship with Kim.

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.

She took the idea in April 2017 to Kim, who agreed to fast track the initiative.

has previously praised Kim, calling him a "friend" and a "great guy", and suggesting he himself might have selected him.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 08:28 IST