World Bank President Resigns

World Bank Group President Jim Young Kim resigns from February 1, the duties of the head of the bank will be entrusted to the executive director Kristalin Georgiev, according to a press release from the World Bank. 

Kim leaves office long before the end of his term in 2022. He served as President of the Bank for more than six years. The official reason for the resignation is the banker’s desire to return to work in the private sector of the economy. 

“Kim announced that immediately after his resignation, he will join the (private) firm and will work to increase infrastructure investment in developing countries,” the release says. Where it will work Kim, not specified. 
Kim took over as head of the World Bank on July 1, 2012 for a period of five years. In 2016, the Board of Directors re-elected Kim as President. 

Among his achievements, Kim called a $ 13 billion increase in the share capital of the constituent parts of the group – the International Bank for Reconstruction and Development, as well as the International Finance Corporation. The Bank’s stated goals are to end extreme poverty in the world by 2030. 

The world Bank group is supported by 189 countries. 

The President of the organization chairs the meetings of the Board of Directors and is responsible for the overall management of the Bank. Traditionally, the President of the World Bank becomes a citizen of the United States — the country that is the largest shareholder of the organization. The President is elected by the Board of governors for a term of five years and may be re-elected.

Tom Tompson

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