David Malpass has been appointed as the President of World Bank.
David Malpass was US President Donald Trump’s nominee has won unanimous approval from the institution’s executive board. This appointment has continuied the 73-year tradition of an American running the world’s largest development lender. According to the statement from the bank, Malpass, the US Treasury’s undersecretary for international affairs, will start his new role as the World Bank and International Monetary Fund Spring Meetings get underway.
Malpass, a former Bear Stearns and Co chief economist who advised Trump’s 2016 election campaign, was the sole candidate. Previous World Bank President Jim Yong Kim, who left in January to join a private infrastructure fund, faced two challengers, from Nigeria and Colombia, in 2012 when he was first selected.