The World Bank has announced its new president

The financial institution announced this afternoon David Malpbad to the post of president after being unanimously elected by all the directors of the institution.

The new president has been under-secretary for international affairs of the US Treasury Department. He was also Deputy Undersecretary of the Treasury Department of Developing Countries.

He has also been a member of several organizations such as the Council of the Americas and the National Committee on US-China Relations.

Finally, he is currently Chair of the Board of Directors of IBRD and the International Development Association (IDA) before taking office on April 9 as President of the World Bank.