World Bank Group President Jim Yong Kim announced that he will be stepping down from his position after more than six years in which the institution’s shareholders provided strong support to multiple initiatives to ensure that the Bank Group retains strong leadership in the world of global development.
“It has been a great honor to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime,” said Kim.
“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. Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege.”
Under Kim’s leadership, and with the backing of the Bank Group’s 189 member countries, the institution in 2012 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.
Recognizing 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.
During his term, President Kim emphasized 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 countries.
Kim will join a firm and focus on increasing infrastructure investments in developing countries. The details of this new position will be announced shortly.
In addition to working on infrastructure investments, Kim announced that he will also be re-joining the board of Partners In Health (PIH), an organization he co-founded more than 30 years ago.