World Bank’s Kim to resign effective Feb. 1


World Bank Group President Jim Yong Kim will resign effective Feb. 1, more than three years ahead of the expiration of his term in 2022, the multilateral lender said on Monday.

Kim, 59, announced that he will immediately join a firm and focus on increasing infrastructure in developing countries, but the bank did not provide further details. Kristalina Georgieva, the World Bank’s chief executive officer, will assume the role of interim president when Kim departs.