Jim Yong Kim steps down as president of World Bank

Jim Yong Kim steps down as president of World Bank

- The president of the World Bank, Jim Yong Kim, has reportedly stepped down from his position

- Kim, who served the apex bank for six years, will join a firm and focus on increasing infrastructure investments in developing countries

- Kim's resignation came as a surprise to the world as no reason was given for his decision

The president of the World Bank, Jim Yong Kim, has reportedly stepped down from his position as the world apex bank boss after six years of extensive service to global economy and financial institutions across developing countries.

Kim's resignation, according to BBC report, will take effect from Friday, February 1, 2019, and he will "join a firm and focus on increasing infrastructure investments in developing countries."

Legit.ng gathers that Kim's resignation came as a surprise to the world as no reason was given for his decision.

The 59-year-old was not due to leave until 2022 after he was re-elected for a second five-year term in 2017.

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Announcing his decision, Kim said: "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".

Kristalina Georgieva, the World Bank's chief executive officer, will assume the role of interim president from February 1.

Kim, a Korean American was nominated by the Obama administration, and he was up against a Colombian and Nigeria's Okonjo Iweala when he was first appointed.

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Meanwhile, Legit.ng reported that World Bank's vice president and treasurer, Arunma Oteh, would leave the bank on Tuesday, December 1, to join St Antony’s College, Oxford University, as an academic scholar in January 2019.

The Nigeria-born Oteh joined the bank in 2015, since when she and her team had been responsible for managing its $200 billion debt portfolio, as well as an asset portfolio of almost $200 billion for the World Bank Group and 65 external clients, including central banks, pension funds and sovereign wealth funds.

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Source: Legit

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