'World bank' president Jim Yong Kim resigns

Jim Yong Kim has announced he is stepping down as the head of the World Bank, in a move that sent shockwaves through the international aid community.

His resignation will take effect from 1 February. Kim, 59, was not due to leave until 2022 after he was re-elected for a second five-year term in 2017.

He will "join a firm and focus on increasing infrastructure investments in developing countries", the World Bank said.

The Washington-based organization is one of the largest donors to developing countries and, while many of its policies have proved controversial, it has been credited with supporting huge infrastructure projects across Asia, Africa, and South America since its creation after the second world war.

Kim’s decision to quit for the private sector was described by sources close to the bank as a sudden and “personal decision” that surprised its shareholders – the 189 nations that support its work.

In a statement, Kim said: "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".

“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, famine, and refugees continue to grow in both their scale and complexity.”

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

Kim has avoided public clashes with President Trump, but his policy approach was sometimes at odds with the president's approach to climate change.

Under Kim, the World Bank has ended its support of coal power projects - in contrast to Trump's promise to revive the US coal industry.

Kim, who was born in Seoul, South Korea, trained as a medical doctor.

He was nominated by former President Barack Obama for both his first and second term at the head of the World Bank.

The World Bank said it would "immediately start the process" of appointing a replacement.