Kim Joins Investment Firm Chaired By Nigerian

A former president of the World Bank, Jim Kim, is joining investment firm Global Infrastructure Partners (GIP) , chaired by Nigerian investment guru, Adebayo Ogunlesi.

Bloomberg reported Tuesday that Mr Kim, 59, who abruptly resigned as president of the World Bank on Monday, will join the firm next month.

Mr Kim resigned Monday, saying he would join an unnamed investment firm.

GIP focuses on projects in the energy, transport, water and waste industries, with investments in developed and select emerging countries.

Mr Ogunlesi, Nigerian-born investor, acts as chairman and partner at the firm. The firm said Tuesday that Mr Kim will become vice chairman and a partner on February, according to Bloomberg.

Shortly after the ex-World Bank official resigned, there had been reports that he was in discussions to join the firm.

“The leadership and vision that Dr. Kim brought to the World Bank as well as his prior roles as president of Dartmouth College and director of the World Health Organization’s HIV/AIDS department speak for themselves,” Mr Ogunlesi said in a statement announcing the appointment Tuesday.

He added that Mr 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.”

The immediate past World Bank chief resigned more than three years ahead of schedule, telling employees in an email that he planned joining a private firm.

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.

GIP, based in New York, manages more than $40 billion in assets from ports and airports to a vast wind farm in the North Sea. In 2018, the firm teamed up with investors to acquire renewable-power specialist Equis Energy for $5 billion.

The firm is also an owner of London’s Gatwick Airport, and Brookfield Asset Management Inc. having amassed two of the largest infrastructure funds on record.

In an email message, Mr Kim said: “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.”

Post Author: Friday Ekeoba