David Malpass, the head of the World Bank, revealed on Wednesday that he would leave his job as the organization’s development lender by the end of June.
The 66-year-old told the bank’s board of directors of his decision and was cited as stating, “After some consideration, I’ve chosen to seek new challenges.”
As the Bank Group works to address the growing global problems, there is a chance for a seamless leadership transfer, Malpass continued.
During his four years at the World Bank, the organization dealt with a number of major crises, including the Covid-19 outbreak, the Russian invasion of Ukraine, and a global economic slowdown.
In a statement, the bank said that it had “responded swiftly” to these difficulties, mobilizing a record $440 billion in response to the pandemic.
The statement continued, mentioning David Malpass, “Under his leadership, the Bank Group more than doubled its climate finance to developing nations, reaching a record $32 billion last year.”
“Developing nations around the world are confronting unprecedented challenges,” Malpass wrote in a memo to workers that AFP was able to view. “I’m delighted that the Bank Group has continued to respond with speed, size, innovation, and impact.”
David Malpass worked for the US Treasury before becoming the head of the World Bank.