WORLD BANK PRESIDENT RESIGNS

He added in a statement, “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,”.

Penpushing further reports that, the outgoing President said 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,” Kim said.

Penpushing also reports that, Kim as World Bank President since July 2012, noted infrastructure finance as one of the greatest needs in the developing world, stating further that he led the Group to mobilize its financing by working with private sector partners to build sustainable, climate-smart infrastructure in developing nations.

The outgoing former World Bank President said, immediately after his exit, he would join a firm focusing on increasing infrastructure investments in developing countries, adding that details of his new position would be made public later.

Penpushing further reports that, Kim explained that under his Presidency the World Bank set the target of ending extreme poverty by 2030 and to grow shared prosperity, by focusing on the 40 percent of the population in developing countries.

Similarly, he said the Bank enjoyed strong support from shareholders to better position it to respond to the development needs, particularly its Fund for the poorest, the International Development Agency (IDA), which achieved record replenishments that enabled it increase its work in areas suffering from fragility, conflict, and violence.