World Bank President Jim Yong Kim Will Resign At End Of Month

Jim Yong Kim, President of the World Bank, at the Paris Peace Forum, an event that is a part of the commemoration ceremonies to mark the centenary of the 1918 Armistice, at the Villette Conference Hall in ParisThe Paris Peace Forum was created tobring together all actors of globalgovernance to strengthen multilateralismand international cooperation. On Sunday, November 11, 2018, in Paris, France. (Photo by Artur Widak/NurPhoto)
Jim Yong Kim, President of the World Bank, at the Paris Peace Forum, an event that is a part of the commemoration ceremonies to mark the centenary of the 1918 Armistice, at the Villette Conference Hall in Paris The P... Jim Yong Kim, President of the World Bank, at the Paris Peace Forum, an event that is a part of the commemoration ceremonies to mark the centenary of the 1918 Armistice, at the Villette Conference Hall in Paris The Paris Peace Forum was created to bring together all actors of global governance to strengthen multilateralism and international cooperation. On Sunday, November 11, 2018, in Paris, France. (Photo by Artur Widak/NurPhoto via Getty Images) MORE LESS
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January 7, 2019 12:24 p.m.

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 Trump administration and other countries who 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, 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 Feb. 1 on an interim basis by Cristalina Georgieva, its chief executive officer.

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