David Malpass, the World Bank's 13th president, informed staff Wednesday that he would be stepping down from the organization by the end of the fiscal year in June.
The news first broke through Politico, which said it saw the internal email sent to inform staff. Malpass later confirmed his departure on Twitter, with the bank following up in a subsequent press release.
"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," Malpass stated in the release.
"With developing countries facing unprecedented crises, I'm proud that the Bank Group has responded with speed, scale, innovation, and impact," he continued, adding that he has "decided to pursue new challenges."
Former President Donald Trump nominated Malpass in February 2019 for the position after he served in the administration as the Treasury Department's undersecretary for international affairs.
In its press release, the World Bank noted Malpass' work in leading efforts that doubled climate financing to underdeveloped countries, reaching a record $32 billion last year.
The organization also noted a record $440 billion mobilized under Malpass in response to the COVID-19 pandemic, the Russian invasion of Ukraine, a global economic slowdown, climate change, and resource shortages.
Responding, the departing president said the bank was "fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises."
"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," he said.
But some climate groups have criticized Malpass for dragging his foot on environmental issues throughout his tenure. Last September, the bank chief stoked uproar allegedly for trivializing human involvement in climate change.
Jake Schmidt, senior strategic director of international climate at the Natural Resources Defense Council, told Politico that his group "welcome[s] the departure of a climate and development laggard as the head of a critical international finance institution."
"We need World Bank leadership committed to bold action to unleash more and better climate finance to meet the scale of the climate crisis and the needs of developing countries," Schmidt said.
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