The President of the ‘World Bank Group’ David R. Malpas on Wednesday 15th, February, 2023 informed the Board of Executive Directors about his intentions to step down from his position by the end of the fiscal year: June 30th, 2023 after serving for four years.
“It has been an enormous honor and privilege to serve as President of the World’s premier development institution alongside so many talented and exceptional people“-Malpas.
During Malpas’s tenure, the World Bank Group accomplished among other things;
Implemented record surges in financing $157 billion in response to the Covid19 Pandemic and $170 billion in response to the Ukraine war.
Completed IBRD and IFC capital increases, record IDA19 and IDA20 replenishments,
and rapid ramp-up of medium and long-term bond issuance.
Provided emergency health and vaccine operations in more than 100 countries.
Mobilized $18 billion in emergency financing for Ukraine to support the continuation of
essential government services.
Initiated a process with the Bank Group’s shareholders to evolve the institution’s Vision
and Mission, Operating Model, and Financial Capacity and Model to increase resources
for development.
Launched the Bank Group’s Climate Change Action Plan to better integrate climate and
biodiversity with development and growth.
Evolved the Bank Group’s relationship with China by reducing lending and focusing on
global public goods and marine plastic pollution reduction.
Increased financing and staffing for fragile and conflict-affected regions and for clean
water, electricity access, and improved nutrition.
Made $30 billion available in projects to address the food, fertilizer, and fuel crisis facing
developing countries.
Launched the Pandemic Fund to improve preparedness, with initial pledges of $1.6 billion from 25 countries and donors.
“With developing countries facing unprecedented crises, I’m proud that The ‘World Bank Group’ has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career; having made such progress and after a good deal of thought, I’ve decided to pursue new challenges“, Malpas’ remarks.
The World Bank Group five institutions (IBRD, IDA, IFC, MIGA, and ICSID) according to Malpas are ‘fundamentally strong, financially sustainable and well positioned to increase development impact’ in the face of urgent global crises.
This is an opportunity for a smooth leadership transition as the World Bank Group works to meet increasing global challenges, facilitate private investment, sharpen its focus on Global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries.
