World Bank president resigns amid conflict with Trump administration

World Bank president resigns amid conflict with Trump administration

World Bank Group President Jim Yong Kim has unexpectedly resigned from his position amid differences of opinion with the Trump administration over climate change.

Appointed for two five-year terms by President Barrack Obama, Kim has pushed forward green financing projects and has dropped funding for coal power projects.

Meanwhile, US President Donald Trump has maintained his pro-fossil fuel stance, touting the American coal industry and making the States and net energy exporter.

Despite their differences of opinion, the two have avoided public clashes.

Kristalina Georgieva, who was appointed World Bank CEO in 2017, is set to take over as interim president on 1st February, when Kim leaves – three years before his term ends in 2022.

Trump will now have a significant level of influence over choosing Kim’s successor, as the US holds a controlling share of the World Bank’s voting rights and has traditionally chosen the bank’s president.

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