Developing countries ‘facing unprecedented crises’

World Bank President David Malpass will step down on June 1 after more than four years at the helm of the multilateral development bank, the bank said on Wednesday.

Malpass was appointed by then-President Donald Trump.

“After a good deal of thought, I’ve decided to pursue new challenges,” the 66-year-old was quoted as saying in a statement from the bank, having informed its board of his decision.

“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges,” Mr. Malpass added.

His tenure at the World Bank, spanning four years, saw the group face global crises such as the Covid pandemic and the Russian invasion of Ukraine, as well as an international economic slowdown.

the bank said in a statement that it has “responded quickly” in the face of these challenges, in particular mobilizing a record $440 billion in response to the pandemic.

“Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year,” the statement added, referring to Malpass.

In a note to staff seen by AFP, Mr. Malpass said: “Developing countries around the world are facing unprecedented crises and I’m proud that the Bank Group has continued to respond with speed, scale, innovation, and impact.”