05:15 GMT11 August 2020
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    US President Donald Trump during a press conference on Wednesday announced his nomination of senior Treasury Department official David Malpass to be the next president of the World Bank.

    "Today it is my pleasure to announce my choice for the next president of the World Bank, Mr. David Malpass," Trump said.

    Malpass currently serves as the Under Secretary of the Treasury for International Affairs.

    The executive board is yet to vote on the nomination.

    Earlier, the World Bank announced that Kristalina Georgieva will assume the role of interim president effective February 1. The organisation also confirmed that Jim Yong Kim had stated his intention to resign on the same date.

    The official reason behind Jim Yong Kim's decision to leave his post before the expiration of his term in 2022 is his desire to return to working in the private business sector.

    Jim Yong Kim, a Korean-born American, has been head of the World Bank since 1 July 2012 and was set to be in this position for five years. He was re-elected in 2016.

    READ MORE: Ivanka Trump Not Under Consideration as Next World Bank President — White House

    There're 188 countries that hold shares in the bank. The US, however, is the largest shareholders with 16 percent of the voting power and has usually chosen the bank's president.


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    US Treasury, World Bank, David Malpass, Donald Trump, United States
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