In a statement on its website on Monday, the World Bank said Kim will be stepping down on February 1, three years before his current term is supposed to come to an end.
No reason was advanced for Jim’s unexpected decision to quit the post he had held for more than six years.
The South Korean who started his career as a medical practitioner was nominated for two terms as World Bank chief by ex US President Barack Obama.
Kristalina Georgieva, who is the CEO of the World Bank will step in as interim head of the Group,
The World Bank said during the period Kim was in charge, shareholders involved with the organization had backed initiatives which helped maintain the Group’s strong leadership in global development.
“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,” the Bank quoted a statement from Kim.
“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, famine and refugees continue to grow in both their scale and complexity. Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege” he said.