The president of the World Bank Group Jim Yong Kim has stepped down.

Kim announced he would be stepping down on Monday after being at the helm of the global lender for more than six years.

“It has been a great honor to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime,” Kim said in a statement on Monday.

“The work of the World Bank Group is more important now than ever as the aspirations of the poor rise all over the world, and problems like climate change, pandemics, famine and refugees continue to grow in both their scale and complexity.

“Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege,” Kim said in the statement.

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Kim was the nominee of the United States who beat Nigeria’s Ngozi Okonjo-Iweala, and José Antonio Ocampo, former Colombian finance minister, for the top job in 2012.

Now that he has stepped down, it is unclear if both candidates will put themselves up to succeed Kim in 2019.

According to the World Bank, Kim’s leadership set two goals for the bank: “to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 percent of the population in developing countries”.

These goals now guide and inform the institution in its daily work around the globe.

“In addition, shareholders strongly supported measures to ensure that the Bank Group be even better positioned to respond to the development needs of clients.”

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