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Jim Yong Kim stays as president of the World Bank

By Wang Yanlin | September 28, 2016, Wednesday | Online Edition

EXECUTIVE Directors of the World Bank today agreed unanimously to reappoint Jim Yong Kim to a second five-year term as President of the World Bank Group, beginning July 1, 2017.

Executive Directors cited the achievements of Bank Group staff and management during Kim’s first four years in office, and recognized his leadership and vision. Chairs acknowledged several accomplishments the institution has achieved during this time with strong Board support.

Chairs highlighted the fact that Kim encouraged the institution to ramp up its work on climate change, both in intellectual leadership and in financing, with an announcement in the fall of 2015 to increase climate financing potentially to 28 percent of total commitments by 2020, based on client demand.

Kim put a strong emphasis on partnership, both with the private sector and within the multilateral system, for the first time going on several joint missions to areas in crisis with the United Nations Secretary General, Ban Ki-moon.

In addition, to reflect the global and inclusive nature of the Bank Group, over Kim’s term the organization also made several significant strides in staff diversity, becoming the first International Financial Institution (IFI) to attain Economic Dividends for Gender Equality (EDGE) certification; reaching gender parity on the Senior Management Team; attaining a record eight Vice Presidents of African descent; and IBRD for the first time reaching its target of having 12.5 percent of staff at technical and managerial levels from sub-Saharan Africa/the Caribbean.

In the meeting between Kim and the Board, Kim stated that his highest priority going forward is institutional stability and deeper staff engagement, and he paid tribute to the high caliber of the Bank’s dedicated, professional staff.

In the longer term, Kim discussed building on the momentum of recent years to deliver where progress is most needed, focusing on three areas:

First, to promote economic growth by facilitating private sector investment in infrastructure, calling on countries to mobilize development resources on a larger scale and deploying innovative financing and advisory instruments to make sure existing and new funds achieve maximum impact. Second, investing in human capital, including education, health, and skills to support a country’s ability to compete in a future economy. And finally, protecting the global economy from downside risks that threaten to undermine progress.

Kim asserted that harnessing the expertise, knowledge and financial acumen of the Bank’s world-class staff in the relentless pursuit of these three priority areas will move us significantly closer to achieving the Bank’s goals.

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