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Trump's pick to lead World Bank has a clear path as no challengers emerge


Added 03-14-19 09:02:01pm EST - “U.S. President Donald Trump's pick to lead the World Bank faces a clear path toward approval as a nomination deadline passed on Thursday with no challengers, continuing the tradition of the United States choosing the development lender's…” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Trump's pick to lead World Bank has a clear path as no challengers emerge”. Below is an excerpt from the article.

U.S. President Donald Trump's pick to lead the World Bank faces a clear path toward approval as a nomination deadline passed on Thursday with no challengers, continuing the tradition of the United States choosing the development lender's president.

David Malpass, the U.S. Treasury's undersecretary for international affairs, will interview with the World Bank's executive directors in the coming days, the bank said in a statement.

The directors expect to conclude their selection process before the World Bank and International Monetary Fund spring meetings on April 12-14, the bank said.

Malpass has traveled to Europe and Asia in recent weeks to lobby for support from major World Bank shareholders. His nomination was prompted by the departure in January of Jim Yong Kim, who left the bank after more than six years at its helm to join a private equity infrastructure fund.

The United States is the largest shareholder with 16 percent of its voting power and has chosen its leaders since it began operation in 1946. Kim faced off against candidates from Nigeria and Colombia in 2012 under a then-newly-open nominations process, but bank board members have said there was little appetite to challenge Washington's nominee this time around.

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