Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
World Bank President Jim Yong Kim to step down on 1 February, ahead of end of term in 2022
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • World Bank President Jim Yong Kim to step down on 1 February, ahead of end of term in 2022

World Bank President Jim Yong Kim to step down on 1 February, ahead of end of term in 2022

Press Trust of India • January 8, 2019, 10:40:04 IST
Whatsapp Facebook Twitter

Kim announced that, immediately after his departure, he will join a firm and focus on increasing infrastructure investments in developing countries.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
World Bank President Jim Yong Kim to step down on 1 February, ahead of end of term in 2022

Washington: In a surprise move, World Bank President Jim Yong Kim on Monday announced that he will step down from his position on 1 February much before the end of his term in 2022. Kim, 58, has been in this position for over six years now. The president of the Washington-based World Bank has always been an American citizen nominated by the United States, which is the largest shareholder of this multilateral financial institution. “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. Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective 1 February.

“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 was quoted as saying in a World Bank press release.

“Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege,” Kim said. [caption id=“attachment_2528422” align=“alignleft” width=“380”] ![World Bank Group President Jim Young Kim. File photo AFP ](https://images.firstpost.com/wp-content/uploads/2015/12/Jim-Young-Kim-AFP-380.jpg) World Bank Group President Jim Young Kim. File photo AFP[/caption] During his term as World Bank President beginning July 2012, Kim emphasised that one of the greatest needs in the developing world is infrastructure finance and he pushed the Bank Group to maximize finance for development by working with a new cadre of private sector partners committed to building sustainable, climate-smart infrastructure in developing nations, the release said. To that end, Kim announced that, immediately after his departure, he will join a firm and focus on increasing infrastructure investments in developing countries, it said, adding that the details of this new position will be announced shortly. Under his leadership, the World Bank established two goals: to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 percent of the population in developing countries. These goals now guide and inform the institution in its daily work around the globe, it said. In addition, shareholders strongly supported measures to ensure that the Bank Group be even better positioned to respond to the development needs of clients: The Bank Group’s Fund for the Poorest, IDA, achieved two successive, record replenishments, which enabled the institution to increase its work in areas suffering from fragility, conflict, and violence. In April 2018, the Bank Group’s Governors overwhelmingly approved a historic $13 billion capital increase for IBRD and IFC that will allow the Bank Group to support countries in reaching their development goals while responding to crises such as climate change, pandemics, fragility, and under-investment in human capital around the world. “Over the past 6+ years, the institutions of the World Bank Group have provided financing at levels never seen outside of a financial crisis, the bank said. Recognising the power of capital markets to transform development finance, the Bank Group during Kim’s tenure also launched several new innovative financial instruments, including facilities to address infrastructure needs, prevent pandemics, and help the millions of people forcibly displaced from their homes by climate shocks, conflict, and violence. The Bank is also working with the United Nations and leading technology companies to implement the Famine Action Mechanism, to detect warning signs earlier and prevent famines before they begin.

Tags
World Bank climate change NewsTracker Famine Pandemics Ida WB President Jim Yong Kim
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV