A major part of the lender’s work is lending to build infrastructure such as power, water and transportation projects in developing countries. Kim resigned more than three years before his term ends in 2022 amid differences with the Trump administration over climate change and the need for more development resources. Discussions between Kim and GIP about the new job came together about six weeks ago at the G20 summit in Buenos Aires, the person said. Kim has emphasized that harnessing private sector investment funds was the key to building badly needed infrastructure amid constrained public budgets. The United States holds an effective veto on the World Bank board, with about 16% of its total voting power, followed by Japan with about 6.9% and China with 4.5%.

Source: Dhaka Tribune January 09, 2019 03:22 UTC