The Executive Directors of the World Bank have selected David Malpass as the 13th President of the World Bank Group. He was appointed today.

The Executive Directors of the World Bank today unanimously decided to appoint David R. Malpass as President of the World Bank Group for a five-year term beginning Tuesday, April 9, 2019. According to a statement received by the Journal de l'économie sénégalaise (Lejecos), the Board of Directors expressed its deep appreciation to interim President Kristalina Georgieva for the dedication and leadership she has shown in recent months. "The directors followed the selection procedure agreed in 2011.

This procedure has several components: an open application system under which any Director or Governor (through an Administrator) can submit the candidacy of any national of a Member State of the Bank, and then the organization of a comprehensive interview between the candidate David R. Malpass and the Directors", the press release reads.

According to the same source, the Board of Executive Directors will work with Mr. Malpass to implement the World Bank Group's Vision and Capital Agreement as set out in the Sustainable Financing for Sustainable Development Document.

Mr. Malpass previously served as Under Secretary for International Affairs at the U.S. Treasury, representing the United States on the international stage at various events: G7 and G20 meetings at the level of finance ministers' deputies; Annual and Spring Meetings of the World Bank and IMF; meetings of the Financial Stability Board, the Organisation for Economic Co-operation and Development and the American Foreign Private Investment Promotion Corporation (OPIC).

"As UnderSecretary, Mr. Malpass has played a crucial role in several major reforms and initiatives concerning the World Bank Group, including the recent capital increase of the International Bank for Reconstruction and Development (IbRD) and the International Finance Corporation (IFC). David R. Malpass, in addition, helped advance the Debt Transparency Initiative adopted by the World Bank and the IMF, which aims to increase debt reporting to reduce the frequency and severity of debt crises," informs the press release.

Prior to his appointment as Under Secretary of the Treasury, Mr. Malpass worked as an international economist and founded a macroeconomic research firm in New York City. Previously, he served as Deputy Assistant Secretary of the Treasury for Developing Countries and Deputy Assistant Secretary of State for Latin American Economic Affairs. In this capacity, he focused on a range of economic, fiscal and diplomatic issues, including U.S. participation in multilateral institutions, including the World Bank.

In addition, Mr. Malpass has served on the boards of various organizations such as the Council of the Americas, the Economic Club of New York and the National Committee on US-China Relations. He holds a bachelor's degree from Colorado College and a Master of Business Administration (MBA) from the University of Denver. He undertook graduate studies in international economics at Georgetown University's School of Foreign Service.

The President of the World Bank chairs the Boards of Executive Directors of IBRD and the International Development Association (IDA). He also chairs the Boards of Directors of IFC and the Multilateral Investment Guarantee Agency (Miga), as well as the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).