21:15 GMT27 February 2020
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    The World Bank has confirmed a recent report on its current President Jim Yong Kim's decision to resign, also naming an interim president.

    The World Bank has announced that Kristalina Georgieva will assume the role of interim president effective February 1. The organisation also confirmed that Jim Yong Kim had stated his intention to resign on the same date.

    "World Bank Group President Jim Yong Kim today announced that he will be stepping down from his position after more than six years", the statement said. "Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1".

    Shortly before that, Reuters reported, citing sources, that Jim Yong Kim, the current president of World Bank, had informed the organization's board that he would resign from his post effective February 1. 

    As the news agency specified, the outgoing president is set to immediately join a company and focus on improving infrastructure in developing countries.

    READ MORE: Top Asian, Eurasian Development Banks Team Up to Finance Belt and Road Projects

    The official reason behind Jim Yong Kim's decision to leave his post before the expiration of his term in 2022 is his desire to return to working in the private business sector.

    Jim Yong Kim, a Korean-born American, has been head of the World Bank since 1 July 2012 and was set to be in this position for five years. He was re-elected in 2016.

    READ MORE: Outdated Financial Model: Why Russia Refuses to Give Money to the World Bank

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