World Bank President Jim Yong Kim unexpectedly resigns amid differences with Trump administration
- Jim Yong Kim, a Korean-American, was nominated by former US President Barack Obama for two five-year terms
- He had pushed financing for green energy projects and largely dropped support for coal power investments
World Bank Group President Jim Yong Kim unexpectedly resigned on Monday, more than three years before his term ends in 2022, amid differences with the Trump administration over climate change and the need for more development resources.
Kim, nominated by former US President Barack Obama for two five-year terms, had pushed financing for green energy projects and largely dropped support for coal power investments, but had avoided public clashes with the Trump administration, which has made reviving the US coal sector a priority.
Kim told World Bank employees in an email that he was leaving the world’s largest lender and donor to poor and middle-income countries on February 1 to join a private-sector firm focused on infrastructure investments in the developing world.
“The opportunity to join the private sector was unexpected, but I’ve concluded that this is the path through which I will be able to make the largest impact on major global issues like climate change and the infrastructure deficit in emerging markets,” Kim said.
