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The Executive Directors of the World Bank unanimously selected David R. Malpass, Under Secretary of the Treasury for International Affairs, as President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019,  the World Bank reported.

The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

David Malpass, nominated by President Donald Trump to head the 189-nation World Bank, was elected to the job on Friday.

World Bank Group President Jim Yong Kim resigned on February 1. Kim resigned more than three years before his term ends in 2022.

Traditionally, the Bank President has always been a U.S. citizen nominated by the President of the United States, the largest shareholder in the bank. The nominee is subject to confirmation by the Board of Governors, to serve for a five-year, renewable term.

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