Jim Yong Kim

World Bank president Jim Yong Kim announces surprise early resignation

His resignation will take effect from 1 February.

Mr Kim, 59, was not due to leave until 2022 after he was re-elected for a second five-year term in 2017.

He will "join a firm and focus on increasing infrastructure investments in developing countries", the World Bank said.

"It has been a great honour to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime," Mr Kim said in a statement.

No reason was given for his unexpected resignation.

Extreme poverty to fall below 10 per cent for the first time: World Bank

“This is the best story in the world today — these projections show us that we are the first generation in human history that can end extreme poverty," said Jim Yong Kim, president of the World Bank.

According to World Bank projections, about 702 million people, or 9.6 per cent of the world population, will live below the poverty line this year, mostly in Sub-Saharan Africa and Asia.

In 2012, that number stood at 902 million, or about 13 per cent of the world population.

It stood at 29 per cent in 1999.