World Bank President Jim Yong Kim Steps Down

Jim Yong Kim abruptly announced Monday that he will be stepping down as head of the World Bank by February 1, sending shockwaves through the international aid community. Kim’s decision means he will leave the post more than three years ahead of the end of his term. The World Bank, while at times controversial, is one of the largest donors to developing world countries. The Washington-based organization has been behind huge infrastructure projects across Asia, Africa, and South America. Kim is leaving the organization to join the private sector. He is reportedly going to work for a firm that focuses on infrastructure investments in developing economies. “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,” Kim said in a statement on Monday. “The work of the World Bank Group is more important now than ever.”