U.S. President Donald Trump has nominated David Malpass to be the next president of the World Bank.

United States Secretary of Commerce Wilbur L. Ross, Jr. (right) and US Trade Representative Robert Lighthizer share a laugh prior to US President Donald J. Trump announcing David Malpass as his choice to lead the World Bank, in the Roosevelt Room of the White House, Washington, DC, February 6, 2019. [Photo: IC]

Praising Malpass, Trump said his 40 years of experience in economics, finance, government and foreign policy will help better serve American interests.

"America is the largest contributor to The World Bank giving it over one billion dollars every year. My administration has made it a top priority to ensure that U.S. taxpayers dollars are spent effectively and wisely, serve American interests and defend American values. David has been a strong advocate for accountability at the World Bank for a long time," Trump said.

The 62-year-old Malpass has served under Trump and Treasury Secretary Steve Mnuchin since August 2017.

He has been an outspoken skeptic of the 189-nation World Bank, a leading source of funding for economic development.

He has also argued that the World Bank has become too focused on its own expansion and prestige rather than on the interests of poor countries.

Malpass says he is happy for the appointment, which has to be approved by the World Bank's board.

"Working with Secretary Mnuchin at Treasury, I'm proud to say that under your administration Mr. President we negotiated a major capital increase and reform package for the World Bank. With shareholders and dedicated staff, there's a great opportunity now to implement these constructive reforms that will lead to faster growth and greater prosperity. I want to also note that a key goal will be to ensure that women achieve full participation in developing economies," Malpass said.

Kristalina Georgieva from Bulgaria is the interim President of the World Bank.

Georgieva succeeded World Bank chief Jim Yong Kim on an interim basis on February 1.