Malpass will be the 13th president of the World Bank which has always been headed by Americans. The International Monetary Fund under the deal is always headed by Europeans.
David MalpassOpens a New Window., the Treasury official nominated by President Donald TrumpOpens a New Window. to head the 189-nation World Bank, was elected to the job on Friday.
Malpass was approved unanimously by the bank's 25-member executive board on Friday. He will begin a five-year term next Tuesday succeeding Jim Yong Kim, an Obama administration pick who stepped down earlier this year, three years before his term was to end.
Malpass was serving in the Trump administration as Treasury's under secretary of international affairs. He has been a longtime critics of the World Bank and its sister lending organization, the International Monetary Fund.
However in his Treasury post, Malpass helped win support last year for a $13 billion funding increase for the bank.