The World Bank Group has appointed Ireland’s Minister for Finance, Paschal Donohoe, as its new Managing Director and Chief Knowledge Officer. Donohoe, who has also served as President of the Eurogroup since 2020, will take up the post on 24 November.
Announcing the appointment, World Bank President Ajay Banga said Mr Donohoe brought “more than twenty years of public service” and “knows firsthand how good policies can unleash private capital mobilization, boost growth, and generate jobs”.
Mr Banga added that Donohoe’s decade of experience in the private sector, including at Procter & Gamble, gave him “extensive knowledge of how investors, private sector, financial companies, technology firms, and others operate”, calling the combination “invaluable” for delivering “more impact at scale”.
As Chief Knowledge Officer, Donohoe will oversee the Bank’s so-called Knowledge Bank, shaping how expertise, data and proven development solutions are deployed across emerging and developing economies. He will also direct the institution’s engagement with governments, civil society and philanthropic organisations.
Responding to the announcement, Mr Donohoe said it was “a tremendous honor” to assume the role. “In more than twenty years as a public representative, my motivation has been to improve the lives of all of the people I represent,” he said. “By encouraging collaboration with, and between, governments and global institutions we can make progress and meet the challenges we face head-on.”
He added that cooperation had been “a key and continuous theme” of his public career and argued that “the need for this has never been greater than it is today”.
Mr Donohoe has received several distinctions, including European of the Year from the European Movement Ireland and the French government’s Chevalier de la Légion d’Honneur.
El Salvador buys 1,090 BTC as price drop and IMF mounts pressure
