The executive directors of the World Bank on Tuesday re-appointed Jim Yong Kim to a second term as the president of the World Bank Group. His next five-year tenure will start on July 1, 2017. He issued a statement, saying, “Humbled to have the honour of serving a second term as the head of this great institution. I will focus on building a more inclusive world free of poverty.”

Kim, who had set the institution's goal of ending extreme poverty by 2030, said they are on their way to achieving this. His other important aim was to promote shared prosperity by boosting the income growth of the bottom 40% of the population in every developing country. He, however, acknowledged facing hurdles on this, reported PTI. He said, "The challenges going forward remain large, with climate change, forced displacement and pandemics threatening the gains we have made to improve the lives of billions.”

The executive directors lauded Kim for the first four years of his first term. They appreciated his efforts to transform the institution into a “knowledge bank” that poor nations can tap to boost domestic growth. The Board members also welcomed an increased focus on the Global Public Goods agenda and financial innovation under Kim’s leadership.

Among the key financial innovations introduced by Kim are the Pandemic Emergency Financing Facility and the Global Concessional Financing Facility. The pandemic emergency facility was launched in May this year, and is meant to be the first fast-acting financial response team that gets to work during major outbreaks. It will be operational from next year. The Global Concessional Financing Facility, on the other hand, has been formed to address the issue of refugee crises in middle-income countries and help them get development financing.