World Bank President Resigns | Financial Buzz

World Bank President Resigns

World Bank Group President, Ji Yong Kim will resign on February 1st. The multilateral lender made this announcement Monday as the resignation comes three years ahead of Kim’s term expiration.

Kim is a physician and public health advocate and was nominated by U.S. President Barack Obama for two terms. Kim pushed for financing green energy projects and advocated to decrease support for coal power investments. Additionally, he avoided public clashes with the Trump administration. Kim’s resignation is described as him leaving on his own accord rather than being “forced out” by the Trump administration by people on the World Bank executive board.

The United States currently holds a lot of the power in the World’s Bank voting rights, giving President Trump the power to influence the decision of Kim’s successor. Traditionally, the bank president has been decided by the U.S. administration and the position has consistently been held by an American.

“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,” 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.” Kim had emphasized and passionately believed that The World Bank is one of the greatest necessities in the developing world.

Following the resignation, Kim plans to cooperate with a firm that will focus on increasing infrastructure investment in developing countries, as stated by the bank.