World Bank President Jim Yong Kim on Monday said he would resign from his post at the end of January, more than three years before the end of his term.
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Kim, who served as head of the organization for six years, will join a firm dedicated to raising funds toward infrastructure projects in developing countries. World Bank CEO Kristalina Georgieva will serve as interim president effective Feb. 1.
“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,” Kim said in a statement. “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.”
The reason for Kim’s early departure from the role remains unclear. Further details on Kim’s new role are expected to be available in the near future.
The World Bank offers loans and spearheads developmental projects in countries around the world. The international organization has drawn criticism in recent months from countries who have questioned the U.S.’s influence over its policy decisions, the Associated Press reported.
The World Bank had financial commitments worth nearly $67 billion around the world as of 2018, according to its website.