Jim Yong Kim is to step down as the head of the World Bank, sending shock waves through the international aid community.
He will stand down by 1 February – before the expiry of his term in 2022.
The Washington-based organisation is one of the largest donors to developing world countries and while many of its policies have proved controversial. It has been behind huge infrastructure projects across Asia, Africa and south America.
Kim’s decision to quit for the private sector was described by sources close to the bank as a “personal decision”.
More details to follow …