DAVID MALPASS (WORLD BANK)

About: 

• Objective: The World Bank is an international financial institution that provides loans to countries of the world for capital projects. The World Bank is a component of the World Bank Group. 
  
  
• World Bank Group: The World Bank Group consists of five organizations – 
  • The International Bank for Reconstruction and Development (IBRD) 
    
    
  • The International Development Association (IDA) 
    
    
  • The International Finance Corporation (IFC) 
    
    
  • The Multilateral Investment Guarantee Agency (MIGA) 
    
    
  • The International Centre for Settlement of Investment Disputes (ICSID) 
    
    
  • Together, IBRD and IDA make up the World Bank. 
    
    
  
  
  
• Established in: 1945. 
  
  
• HQ: Washington D.C. 
  
  
• President: 
  • The President of the Bank is the president of the entire World Bank Group. The president is responsible for chairing the meetings of the Boards of Directors and for overall management of the Bank. 
    
    
  • Traditionally, The U.S., which is the World Bank’s largest investor, normally picks its president, with the Europeans picking the International Monetary Fund head. 
    
    
  
  
  

David Malpass: 

• David Malpass, the undersecretary of the Treasury for international affairs, is a controversial candidate for the job, owing to his views on multilateralism, multilateral organisations including the World Bank. 
  
  
• He has been an advocate of a smaller, more focused World Bank, arguing that countries can raise capital in private markets. In his role in the Treasury, he has tried to slow the Bank’s ability down to raise capital. 
  
  
• He has also been critical of China’s Belt & Road Initiative (BRI) as well as China being the largest customer of the Bank.