Executive Directors of the World Bank on Friday unanimously selected David Malpass, a senior US Treasury official in President Donald Trump’s administration, as the new president of the World Bank Group.
Malpass’ five-year term will begin on April 9, replacing former President Jim Yong Kim, whose surprise departure in February came not even halfway through his second term.
According to the group’s statement on Friday, the selection of Malpass followed an open, transparent nomination process as agreed in 2011
The group said “thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors followed the nomination.
Despite the fact that since the bank’s creation following World War II, all of its presidents have been American men, the bank inists that any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.
The World Bank Group in its statement also expressed the Board’s gratitude to Interim President, Kristalina Georgieva, for her dedication and leadership in recent months.
It looked forward to working with Mr. Malpass on the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.
The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
The president is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).