The Executive Directors of the World Bank have unanimously selected David Malpass as the 13th President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019.
The World Bank said in a statement on Friday that the board expressed its deep gratitude to its interim President, Kristalina Georgieva, for her dedication and leadership in recent months.
It said the executive directors followed the selection process agreed in 2011 and the process included an open, transparent nomination where any national of the Bank’s membership could be proposed by any executive director or governor through an executive director.
The statement added that the process was then followed by thorough due diligence and a comprehensive interview of Malpass by the executive directors.
The statement read in part, “The Board looks 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.
“Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States. As Under Secretary, he represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-International Monetary Fund Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organisation for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
“In his role as Under Secretary, Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for International Bank for Reconstruction and Development and International Finance Corporation.”
