Kim Said to Have Discussed GIP Role After He Leaves World Bank

(Bloomberg) -- Jim Yong Kim, who abruptly resigned as president of the World Bank on Monday, has held discussions to join Global Infrastructure Partners, according to people with knowledge of the matter.

GIP, which focuses on projects in the energy, transport, water and waste industries, invests in developed and select emerging countries. There’s no assurance the discussions will lead to Kim being hired, said the people, who asked not to be identified. Jack Cowell, a GIP spokesman, and a representative for the World Bank both declined to comment on Kim.

Kim, 59, is leaving the World Bank more than three years ahead of schedule, saying in an email to employees that he’ll join a private firm focused on infrastructure investments in developing countries. He began his second five-year term at the bank on July 1, 2017, and helped the lender win support from member countries in April for a $13 billion capital increase, after the U.S. dropped proposals to limit the World Bank’s resources.

“The opportunity to join the private sector was unexpected, but I’ve concluded that this is the path through which I will be able to make the largest impact on major global issues like climate change and the infrastructure deficit in emerging markets,” Kim said in the email. He didn’t identify the firm he’d be joining.

New York-based GIP, which manages more than $40 billion in assets from ports and airports to a vast wind farm in the North Sea, last year teamed up with investors to acquire renewable-power specialist Equis Energy for $5 billion. GIP, an owner of London’s Gatwick Airport, and Brookfield Asset Management Inc. have amassed two of the largest infrastructure funds on record.

©2019 Bloomberg L.P.