Trump's Advisor Appointed as New President of World Bank

By: Taarek Refaat

WASHINGTON, Apr. 5 (SEE)- The Executive Board of the World Bank has announced the appointment of David Malpass as the Group's new president for the next five years.

Malpass was President Donald Trump's nominee for World Bank and a consultant to his 2016 campaign.

"Malpas will begin his term next Tuesday, expressing gratitude to Chief Executive Officer of the World Bank Cristalina Georgieva," the World Bank said in a statement.

Malpass has previously served as US undersecretary, representing his country in many international platforms, including the Deputy Minister of Finance for the G7, G20, the International monetary fund (IMF), and Organization for Economic Cooperation and Development (OECD).

He also participated in the World Bank's major reforms and initiatives, including the recent increase in the capital of the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).

Playing a crucial role in promoting the debt transparency initiative adopted by the World Bank and IMF, he has helped improve public disclosure of debt, which led to reducing the severity of financial crises.