World Bank Group President David Malpass has expressed his desire to step down from the powerful financial institution.
Malpass on Wednesday informed the Board of Executive Directors of his intention to exit by the end of the current fiscal year on June 30.
He expressed gratitude and joy over the efforts the bank has made in the four years he has been at the helm, saying the bank has made tremendous strides despite a multitude of challenges it faced in recent times.
“It has been an enormous honour and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people, with developing countries facing unprecedented crises. I’m proud that the Bank Group has responded with speed, scale, innovation and impact,” Malpass said.
He has been at the helm of the bank for more than four years and his resignation will come a year before the official end of his term.
Malpass was appointed to the bank by former US President Donald Trump in 2019.
“The last four years have been some of the most meaningful of my career. Having made much progress, and after a good deal of thought, I have decided to pursue new challenges,” he said.
“I want to thank our staff and Board of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times.”
According to a World Bank press release, the bank doubled its climate finance to developing countries, reaching a record $32 billion last year under Malpass' leadership.
He led efforts that enabled and increased private sector investment and trade and strengthened the institution’s management.
