Ray Washburne is stepping down as president and chief executive of the Overseas Private Investment Corporation, the US government’s development finance agency, after Donald Trump failed to tap him to be America’s nominee to lead the World Bank.

Mr Washburne, who said he planned to return to his family in Dallas, Texas, had been a strong contender for the World Bank nomination, which was ultimately offered to David Malpass, the Treasury undersecretary for international affairs.

Since arriving at OPIC in 2017, Mr Washburne had successfully turned around OPIC’s fortunes, from an agency that was destined to be slashed by the US president, to gaining new funding from Congress in order to boost America’s presence in developing economies and counter Chinese influence in emerging markets.

“When I first came to OPIC, I committed to building and strengthening the organization,” Mr Washburne said in a statement on Tuesday. “So I am tremendously proud of the work we accomplished with the Trump Administration and Congress to advance the Better Utilization of Investments Leading to Development (BUILD) Act into law, which experts have called the biggest advance in US development policy in a generation,” he said.

Mr Washburne said his resignation would take effect on March 1, and executive vice-president David Bohigian will take on his duties at that time.

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