World Bank president Kim to join U.S. private equity fund as partner, vice chairman
Jim Yong Kim, president of the World Bank, said on Tuesday that he will join a private equity fund next month after leaving his current post.
Global Infrastructure Partners (GIP), a New York-based global infrastructure investor, said that Kim will become GIP's partner and vice chairman on February 1.
"Dr. Kim's broad knowledge base along with his first hand, comprehensive experience of working with governments and institutions around the world will provide very valuable insights," said Adebayo Ogunlesi, chairman and managing partner of GIP.
Kim confirmed his willingness to work with the firm, underlining the importance of infrastructure development.
"My previous experiences and recent years working at the World Bank have been rewarding efforts that have demonstrated how vital infrastructure development has become to the world," Kim said in the statement.
Ogunlesi also highlighted Kim's "previous involvement with infrastructure and the emerging markets" as well as "his expertise in environmental, social and corporate governance issues."
GIP is an infrastructure fund managing firm that invests in transportation, freight shipping, energy and several other industries. According to Bloomberg, GIP manages more than 40 billion U.S. dollars in assets.
World Bank said its CEO Kristalina Georgieva would assume the role of interim president effective from February 1, while it would look for a new president to take the helm at the giant organization.