David Malpass, newly appointed President of the World Bank, on Friday expressed appreciation to the group’s board for the confidence reposed in him, on behalf of the 189 shareholders.
In a tweet via his personal handle, he expressed honour at the mandate to lead the group’s pool of talented and dedicated development professionals in the “critical mission to end extreme poverty.”
Malpass was previously Under Secretary of the Treasury for International Affairs for the U.S, where he represented the country in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings and replaces interim President Kristalina Georgieva, who reverts to her position as Managing Director of the group.
The World Bank has in a statement earlier on Friday evening, said the new President was selected in line with a 2011 agreement by Executive Directors, through 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. This is then followed by thorough due diligence and a comprehensive interview of the nominee by the executive directors.
Malpass is expected to implement the Forward Look, as well capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.