BusinessWorld News

David Malpass is new World Bank president

391

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.

 

Leave a comment

Related Articles

Transcorp Group Achieves Remarkable Growth in 2024, Posts 107% Revenue Surge, 132% Profit-Before-Tax Increase

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate has...

Int’l Women’s Day: Chinese Ambassador Celebrates Women as Champions of Human Civilization, Social Progress

Ahead of International Women’s Day on March 8, 2025, Chinese Ambassador to...

Naira Weakens to N1,550 Against Dollar Amid Increased Demand

The Nigerian naira has taken a hit, weakening to N1,550 against the...

Trump Establishes “Strategic Bitcoin Reserve” Via Executive Order

US President Donald Trump on Thursday signed an executive order establishing a...

CBN appoints 16 directors to strengthen its operations

The Central Bank of Nigeria (CBN) has taken a significant step to...

FirstBank holds groundbreaking ceremony for new state-of-the-art eco-friendly headquarters in Lagos

FirstBank, the premier bank in West Africa and a leading financial inclusion...

Aftermath of face-off with Trump, 33 world leaders back Ukrainian Pres. Zelensky

Thirty-three world leaders have declared support for Ukrainian President, Volodymyr Zelensky, following...

48-year-old Nigerian fatally shot in Durban, South Africa, NUSA mourns

Tragedy has struck the Nigerian community in South Africa after 48-year-old Anthony...

President ejects fellow President from his office amid heated exchange

A shouting match erupted in the Oval Office on Friday as U.S....

Tinubu Vows to Adopt Worldwide Best Practices to Revitalize Nigeria’s Economy

President Bola Tinubu has reiterated his administration’s commitment to learning from other...

FirstHoldCo: Reinforcing ESG, sustainability initiatives as it rebrands

By A.Ezekiel In a world where approximately 20% of new businesses fail...

Nigeria’s Net Domestic Credit Declines to N99.41trb in January 2025 – CBN

Nigeria’s net domestic credit has witnessed a significant decline, dropping to N99.41...

Trump’s new plan: Sell US residency to wealthy people for $5m

US President Donald Trump unveiled plans on Tuesday to sell new “gold...

Nigeria’s GDP Grows by 3.84% in Q4 2024, Driven by Services Sector

Nigeria’s economy has shown resilience, with the country’s Gross Domestic Product (GDP)...

22-year-old US-based Nigerian Zuriel Oduwole nominated for Nobel Peace Prize

“Born in Los Angeles to Nigerian grandparents, Zuriel Oduwole has engaged with...

Tinubu Pledges to Support Fintech Companies, Hails Flutterwave’s Contribution to Digital Economy

In a significant boost to Nigeria’s financial technology (fintech) sector, President Bola...

Naira Appreciates to N1,514/$1 at Parallel Market, Gains N11 in One Day

The Nigerian naira continued its strong performance, appreciating by N11 or 0.72%...

Nigeria’s Inflation Rate Drops to 24.48% in January 2025

Nigeria’s National Bureau of Statistics (NBS) has reported a significant drop in...

CBN Gov. Cardoso Reaffirms Commitment to Digitalization, Financial Inclusion

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso,...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...