World Bank President Jim Yong Kim resigns

US President Donald Trump looks on during a discussion after delivering his speech during the World Economic Forum annual meeting

World Bank Group President Jim Yong Kim yesterday announced that he will be stepping down from his position after more than six years in which the institution's shareholders provided strong support to multiple initiatives to ensure that the Bank Group retains strong leadership in the world of global development.

"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", Mr Kim said in a statement.

To that end, Kim announced that, immediately after his departure, he will join a firm and focus on increasing infrastructure investments in developing countries, it said, adding that the details of this new position will be announced shortly.

Kim began his second five-year term at the bank on July 1 2017, after convincing the lender's board of directors to reappoint him.

Kristalina Georgieva, the lender's second in command, will take over as interim president on February 1, the Washington-based bank said Monday in a statement.

Kim, a South Korea-born US citizen, was an unusual leader for the Bank: He was a medical doctor by training, a specialist in public health and an academic with a Harvard doctorate in anthropology who had led the Ivy League Dartmouth College.

Naming Kim's replacement could mark a sharp break with the past as the Trump administration has repeatedly broken with multilateral institutions and conventions of which the president has been highly critical.

India declares tycoon Mallya a 'fugitive economic offender'
In December, the Westminster Magistrates' Court in London had ordered the extradition of Mallya to India. Mallya's step mother, Ritu Mallya, the official liquidator of the Karnataka High Court and Heineken NV.

The 189-nation World Bank is the largest government source for development funding, providing low-priced loans for projects around the world.

Kim cultivated close relations with Trump's daughter Ivanka, who works as a White House adviser.

While the United States president traditionally nominates the person who eventually heads the bank, the lender's executive board has the final say.

Already the U.S. nominee was challenged for the first time in 2012 by two contenders.

A Treasury spokesperson on Monday praised CEO Georgieva's "capable leadership" and said Treasury Secretary Steven Mnuchin "looks forward to working with his fellow governors in selecting a leader".

"The world is suspicious of the Trump administration, which has a different agenda for the bank", Sobel said in a phone interview.

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