WASHINGTON - World Bank chief David Malpass announced 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," Malpass added.

• Developing economies' debt more than doubled over decade: World Bank
• Poor countries at risk of crisis amid rising debt, interest rates: World Bank

His tenure at the World Bank, spanning 4 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 mobilizing a record $440 billion in response to the pandemic.

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

In a note to staff seen by AFP, 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, Malpass served the US Treasury.

• World Bank lending $600 million to Philippines to support financial sector resiliency

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