David Malpass named World Bank President
8th April, 2019Category: Businss and Economy, International
The World Bank’s 25-member executive board unanimously approved 63-year-old David Malpass, who is currently Under Secretary of Treasury for International Affairs, as the development lender’s 13th President for a five-year term beginning April 9, according to a statement. Mr. Malpass succeeds Jim Yong-kim, who stepped down on February 1 to join an investment firm. Kristalina Georgieva, chief executive officer of the bank, has been acting as the interim President.
Mr. Malpass was a senior economic adviser to the U.S. President during his 2016 election campaign. No other countries had proposed any candidates to challenge Mr. Malpass, making his selection by the board all but assured. Since the bank’s creation following World War II, all of its Presidents have been American men. The World Bank President is Chair of Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA). The President is also ex officio Chair of Boards of Directors of the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
Read More: The Hindu, New York TImes, World Bank