( CNN) World Bank President David Malpass prepares to step down a year before his term is set to end, the organization announced Wednesday.Malpass will leave his position on June 30, completion of the World Banks , after serving more than 4 years in the role.

It has actually been a huge honor and opportunity to act as President of the worlds premier advancement institution, Malpass stated in a statement.

With developing nations dealing with unmatched crises, Im happy that the Bank Group has actually responded with speed, scale, innovation, and effect.

The World Bank, a group of 187 nations, provides money to developing countries to help reduce poverty.

Former US President Donald Trump designated Malpass as World Bank chief in 2019 for a five-year duration.

As the biggest investor, the United States typically appoints its president.During Malpass tenure, the organization reacted to multiple crises, consisting of an international pandemic and Russias war in Ukraine.

The World Bank said Malpass carried out record rises in financial resources in reaction to both.

He also focused on policies to increase financial growth, reduce federal government financial obligation problems, and help reduce poverty.But his tenure has actually been controversial.Malpass faced criticism from climate activists in September after he declined to validate throughout a climate panel whether he accepted the clinical consensus that burning nonrenewable fuel sources were precariously warming the planet.

After an outpouring of criticism, numerous challengers called for his resignation.He later clarified to CNN that he was a not a a denier, and that nonrenewable fuel source emissions are plainly contributing to worldwide warming.

The World Bank also noted on Wednesday that it more than doubled its environment funding in 2022 to a record $32 billion.Malpass stated he has actually decided to pursue brand-new challenges which this is an opportunity for a smooth management shift at the Bank Group.Treasury Secretary Janet Yellen on Wednesday thanked Malpass for his service, saying in a statement: The world has actually benefited from his strong assistance for Ukraine in the face of Russias unlawful and unprovoked invasion, his important work to help the Afghan people, and his commitment to assisting low-income countries attain debt sustainability through financial obligation reduction.

And while we all should continue to raise our cumulative ambitions in the fight versus environment change, during President Malpass tenure the World Bank has made essential current advances in this area, she said.Yellen likewise noted his commitment to ensuring a smooth transition and said the United States is eagerly anticipating a transparent, merit-based and quick nomination for the next World Bank president.The opening also supplies an opportunity for President Joe Biden to choose an official who can execute the administrations green energy vision and assistance battle environment modification while reducing energy costs for families. . Source: CNN .- Agencies