World Bank President, Jim Yong Kim has stepped down after six in years office.
His resignation which will take effect from the first of next month, comes more than three years ahead of the expiration of his term in 2022.
Although no reason was given for his unexpected resignation, Mr Kim in a statement, said he will join a firm and focus on increasing infrastructural investments in developing countries.
According to some analysts, his resignation will pave the way for a Trump appointee and set off a fierce battle between President Donald Trump’s administration and countries which have complained about the influence the US exerts over the World Bank.
The World Bank’s chief executive officer, Kristalina Georgieva, will assume the role of interim president.
