David Malpass, a senior United States Treasury official, was appointed as the President of the World Bank unanimously. He will serve for a five-year term starting on 9th April. He won unanimous approval from the executive board of the World Bank comprising of 25 nations. Also, no other nations proposed any other candidate to challenge Malpass.
Malpass is a long-time Republican and a Trump loyalist who also served as a senior economic adviser to the President in his 2016 election campaign.
He succeeds Jim Yong Kim, who served as the 12th President of the World Bank and stepped down on 1st February. The Chief Executive Officer of the bank, Kristalina Georgieva was serving as the interim President.
What is the World Bank?
The World Bank, headquartered in Washington D.C, is an international financial organization that provides loans to nations across the world for capital projects. It consists of five institutes:
The International Bank for Reconstruction and Development (IBRD): It lends money to the governments of nations that are middle-income and low-income.
The International Development Association (IDA): It provides interest-free loans to governments of poor nations across the world.
The IBRD and the IDA together make up the World Bank.
The International Finance Corporation (IFC): It is the largest global development organization focussed exclusively on the private sector.
The Multilateral Investment Guarantee Agency (MIGA): This organization promotes foreign direct investment into nations to bolster economic growth.
The International Centre for Settlement of Investment Disputes (ICSID): It provides international reconciliation for disputes with respect to investments.