In a surprise move, World Bank President Jim Yong Kim announced that he will step down from his position on February 1 - much before the end of his term in 2022. Kim, 58, has been in this position for over six years now.
In a statement, the World Bank said he will join a firm and focus on increasing infrastructure investments in developing countries.
Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective 1st of next month.
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.