WASHINGTON (AP) — David Malpass, the Treasury official nominated by President Donald Trump to head the 189-nation World Bank, was elected to the job on Friday.
Malpass was approved unanimously by the bank's 25-member executive board on Friday. He will begin a five-year term next Tuesday succeeding Jim Yong Kim, an Obama administration pick who stepped down earlier this year, three years before his term was to end.
However in his Treasury post, Malpass helped win support last year for a $13 billion funding increase for the bank. Critics have said this tradition was no longer valid in a new era with the growing clout of emerging economics such as China. However, no other country put forward a candidate to challenge Malpass.
"Faced with these challenges, our twin goals of eliminating extreme poverty and achieving shared prosperity are more relevant than ever," Malpass said."The Bank Group is strong financially and well equipped with the tools and talent to achieve measurable successes."
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