David Malpass is new World Bank president

The World Bank’s executive board on Friday unanimously approved David Malpass as the development bank’s 13th president.

The 63-year-old senior US Treasury official begins his five-year term as head of the World Bank on Tuesday, replacing former president Jim Yong Kim following his unexpected departure three years before the end of his term.

Malpass, who had joined Donald Trump’s presidential campaign as an economic adviser, was serving as Treasury’s under-secretary of international affairs.

Since the foundation of the global financial institutions following World War II, an American has always headed the World Bank, while a European has led the International Monetary Fund.