World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank Feb 14, 2023, in Washington, DC. (PHOTO  / AFP)

WASHINGTON – World Bank Group President David Malpass announced on Wednesday his intention to step down a year before the end of his term, said the organization.

The World Bank chief will leave his position by the end of the group's fiscal year on June 30 after serving more than four years, said the World Bank.

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Malpass was nominated to the position during the administration under former US President Donald Trump.