The Deputy Secretary of the Treasury for international Affairs David Malpass on Friday unanimously elected as the new President of the world Bank (WB). This is stated in a statement issued by the organization to the press.

“The Board of Directors of the Bank today [Friday] unanimously elected David Malpass as the President of the world Bank for a five-year term, which begins on Tuesday, April 9, 2019”, the document says.

The new President will head all the organizations of the WB group, including the head — the international Bank for reconstruction and development. Next week he will participate in the spring session of the governing bodies of the International monetary Fund (IMF) and the World Bank.

Malpass was the only candidate to head the World Bank, said earlier in the organization. The Bank also stressed that the nomination process for this post was “open and transparent”; each member country of the organization could make a proposal. The election of the 63-year-old Deputy Minister means that the unwritten tradition that the World Bank has always been led by Americans since its founding in 1944 remains in place.