World Bank President Jim Yong Kim has abruptly resigned from his post to join a private infrastructure 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 CNN.
"It has been a great honour to serve as President 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 World Bank 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 bank said the outgoing president would join a firm focusing on infrastructure investments in the developing world and return to the board of a health organisation he founded three decades ago.
The Trump administration has enjoyed a close working relationship with Kim.
Ivanka Trump, the President's daughter and senior White House 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.
Donald Trump has previously praised Kim, calling him a "friend" and a "great guy", and suggesting he himself might have selected him.
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