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World Bank's Kim to resign effective Feb 1, work on infrastructure

Reuters  |  WASHINGTON 

By David Lawder

WASHINGTON (Reuters) - Group Jim Yong Kim, who was at odds with the Trump administration's policies on climate change, will resign effective Feb. 1, more than three years ahead of his term's expiration, the said on Monday.

Kim, 59, a physician and public health advocate, was nominated by former U.S. for a first and second term. Kim had pushed financing for and largely dropped support for coal power investments, but had avoided public clashes with the

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

however, will wield strong influence in choosing Kim's successor as the holds a controlling share of the World Bank's voting rights. The president has traditionally been an American chosen by the

Kim intends immediately to join a firm to focus on increasing infrastructure investment in developing countries, the bank said, without providing further details on the position.

Kristalina Georgieva, who in 2017 became the World Bank's chief officer, will assume the role of when Kim departs. Georgieva, a Bulgarian national, had previously held senior posts after serving 15 years at the World Bank, starting as an in 1993.

The World Bank said Kim had emphasized that was one of the greatest needs in the developing world and had pushed the bank to work with a new cadre of private sector partners on "sustainable, "

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

(Reporting by David Lawder; Editing by and Dan Grebler)

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

First Published: Tue, January 08 2019. 01:01 IST