Mon | Jul 15, 2019

World Bank president resigns

Published:Monday | January 7, 2019 | 1:22 PM
AP photo

WASHINGTON (AP) — Jim Yong Kim, the president of the World Bank, says he is resigning at the end of January.

Kim’s unexpected departure nearly three years before his term was set to expire is likely to set off a fierce battle between the Donald Trump administration and other countries which have complained about the influence the United States exerts over the World Bank.

The 189-nation World Bank is the largest government source for development funding, providing low-cost loans for projects around the world.

Kim, 58, who served as World Bank president for more than six years, says he plans to join a firm that will focus on increasing infrastructure investments in developing countries.

The World Bank says he will be succeeded February 1 on an interim basis by Cristalina Georgieva, its chief executive officer.

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