David Malpass has emerged as the 13 president of the World Bank following a unanimous selection by the bank’s Executive Directors on Friday, April 5.
Entrepreneurng understands that Malpass, whose tenure begins Tuesday, April 9, would serve the international body in this capacity for five years.
In a press release, published on its website, the bank said the appointment followed a transparent nomination process.
“The Board looks forward to working with Malpass on the implementation of the Forward Look and the Capital Package Agreement as articulated in the Sustainable Financing for Sustainable Development Paper,” the bank said.
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).
Malpass previously served as Under Secretary of the Treasury for International Affairs for the U.S.
As Under Secretary, Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings of the World Bank.
He also played a role in several major World Bank Group reforms and initiatives.
