World Bank President, Jim Yong Kim on Tuesday announced that he would step down from his position next month, more than three years before his current term is due to expire.
The decision ends Kim’s six-year tenure and may give United State president, Donald Trump a decisive influence over the future leadership of the 189-member global development lender.
“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 said in a statement.
According to a statement released by the bank, the 59-year-old Kim who became the bank’s president in 2012 is expected to join an unnamed firm focusing on investments in developing countries. He would also return to the board of Partners-in-Health, which he co-founded.
The statement added that the Bank’s Chief Executive Officer, Kristalina Georgieva will serve as interim president when Kim departs on February 1.
Under Kim’s leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing.
Last year, it also won approval for a sharp $13 billion capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China.