World Bank's Kim to resign effective Feb 1, work on infrastructure

However he will likely face many challenges if he wants an American in the post

The World Bank Group president, Jim Yong Kim, on Monday announced he would be stepping down from his position effective February 1.

When Kim was appointed by President Barack Obama, the report added, he faced major opposition from Nigeria - the first time since the bank's founding that a candidate faced such a challenge.

The World Bank's chief executive officer Kristalina Georgieva, will assume the role of interim president.

Under an unwritten rule, the bank's presidency has always been chosen by its largest shareholder, the United States, an arrangement that also allowed European powers to name the head of the International Monetary Fund. Ivanka Trump, the President's daughter and senior adviser, developed a woman's entrepreneurship initiative in partnership with the World Bank in 2017 with the goal of providing more than $1 billion in financing for small-business owners.

More news: Family of five and Kentucky man dead after crash on I-75

The Trump administration has put pressure on the World Bank to justify its lending practices, including loans to China.

"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, starvation and refugees continue to grow in both their scale and complexity".

The Trump administration, with its largely sceptical stance on climate change, will have great influence in deciding Dr Kim's successor, as the USA holds a controlling stake in the World Bank's voting rights.

In an email to employees of the lender, Kim said he'll join a private firm focused on infrastructure investments in developing countries.

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