David Malpass, the World Bank’s chief executive officer, said Wednesday that he will step down by the end of June.
“After a good deal of thought, I’ve decided to pursue new challenges,” the 66-year-old was reported as saying in a bank statement after informing its board of his choice.
“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges,” Malpass added.
During his four-year stint at the World Bank, the organisation faced worldwide crises like as the Covid-19 outbreak and Russia’s invasion of Ukraine, as well as an international economic slump.
In a statement, the bank stated that it had “responded promptly” to these issues, mobilising a record $440 billion in response to the epidemic.
“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, 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.”
Malpass worked for the US Treasury before becoming World Bank President.