David Malpass takes office as World Bank president

Malpass, former undersecretary for international affairs at the US Treasury Department, was chosen by US President Donald Trump in early February as the US candidate for the post, following the abrupt resignation of former World Bank chief Jim Yong Kim.

Malpass, 63, has secured approval from the World Bank's board after a campaign without competition. The World Bank Group announced in a statement Friday that he was selected as its president for a five-year term beginning on April 9, 2019.

"There is a clear mission for the bank: poverty alleviation and shared prosperity. These goals are urgent, and I think we need a clear focus on achieving outcomes," he said.

Malpass also highlighted challenges such as climate change, women's role in economic growth, and the need for stronger growth. "The bank has resources, it has staff, it has the ability to actually have an impact," he said.

Candidates picked by the United States, the World Bank's largest shareholder with 16 percent of its voting power, have all ended up assuming the leadership post since the institution's inception in 1944.

Malpass, who once criticised the World Bank, has raised concerns within the international development community over his scepticism about the role of the bank and multi-lateralism.