David Malpass, President of the World Bank has expressed confidence in the World Bank Group being financially sustained and well positioned to increase development despite the global crises.
President Malpass made this assertion while declaring to the Board of Directors of the World Bank Group, his intentions to step down from his position, as President of the Bank Group, by June 30, 2023 – the end of the Bank Group’s fiscal year, haven served for more than four years.
“The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crisis.
“This is an opportunity for a smooth leadership transition as the 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.”
President Malpass
With the crisis situations across borders, making his journey both eventful and challenging, Malpass is satisfied in the Bank Group’s ability to execute its roles without fail, adding that his stepping down is to embrace and tackle new challenges.
“With developing countries facing unprecedented crises, I’m proud that the 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 much progress, and after a good deal of thought, I’ve decided to pursue new challenges.”
President Malpass
President Malpass deemed it a great honor to serve the World and also expressed gratitude to the ever hardworking team at the World Bank Group for collaborating to make his work as a leader successful.
“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.
“I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times.”
President Malpass
Outstanding achievements of President Malpass during his tenure
During President Malpass’s Administration, he focused on increasing economic growth, alleviating poverty, improving living standards and reducing government debt burdens by seeking stronger policies.
The Bank Group was also able to implement record surges in financing of over $157 billion in response to the COVID-19 pandemic and $170 billion in response to the war in Ukraine under the leadership of President Malpass.
Malpass facilitated the World Bank’s completion of IBRD and IFC capital increases, recorded 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 and mobilized $18 billion in emergency financing for Ukraine to support the continuation of essential government services.
It was also in Malpass’s Administration that the Bank Group’s Climate Change Action Plan (aimed at better integrating climate and biodiversity with development and growth), The Pandemic Fund (to improve preparedness, with initial pledges of $1.6 billion from 25 countries and donors), Innovative Financial Instruments, including a joint bond issuance with UNICEF, wildlife conservation bonds, an Emission Reduction-Linked Bond in Vietnam, and a concessional financing trust fund (to provide results-based support for emissions reduction) were launched.
Other notable accomplishments of Malpass include: initiating 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; making $30 billion available in projects to address the food, fertilizer, and fuel crisis facing developing countries; increasing financing and staffing for fragile and conflict-affected regions and for clean water, electricity access, and improved nutrition, amongst others.
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