WASHINGTON - World Bank chief David Malpass announced on Wednesday he would step down by the end of June from his position heading the development lender.

“After a good deal of thought, I’ve decided to pursue new challenges,” the 66-year-old was quoted as saying in a statement from the bank, having informed its board of his decision.

“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges,” Mr Malpass added.

His tenure at the World Bank, spanning four years, saw the group face global crises such as the Covid-19 pandemic and the Russian invasion of Ukraine, as well as an international economic slowdown.

The bank said in a statement that it has “responded quickly” in the face of these challenges, in particular mobilising a record US$440 billion (S4580 billion) in response to the pandemic.

“Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record US$32 billion last year,” the statement added, referring to Mr Malpass.

In a note to staff seen by AFP, Mr Malpass said: “Developing countries around the world are facing unprecedented crises and I’m proud that the Bank Group has continued to respond with speed, scale, innovation, and impact.”

Prior to leading the World Bank, Mr Malpass served the US Treasury. AFP