Jim Yong Kim will leave the presidency of the World Bank to join Global Infrastructure Partners, a New York-based private equity fund, after accepting a one-year cooling off period during which he will be barred from doing business with the organisation he has led since 2012.
Mr Kim’s sudden move to Wall Street stunned staff and directors at the Washington-based institution, at a time when its largest shareholder — the US, led by Donald Trump — has expressed deep scepticism about the value of multilateral institutions.
A primary concern for the World Bank in managing Mr Kim’s departure has been to insulate him from possible conflicts of interest: at GIP he will be working on infrastructure investments in developing economies, which is the World Bank’s core business.