May 04 : Indian-born finance and development expert Ajay Banga has been elected as the next President of the World Bank. The lender’s 25-member executive board confirmed his appointment last night, and he will take over from outgoing chief David Malpass on June 2 for a five-year term.
Banga, who was nominated for the post by US President Joe Biden in February, will be tasked with revamping the World Bank to address issues such as climate change and other global crises. He previously served as the CEO of Mastercard before stepping down earlier this year.
The 63-year-old was the only candidate for the role and his appointment marks the first time an Indian Origin has held the position. He is expected to bring a wealth of experience and expertise to the role and has been praised for his commitment to promoting financial inclusion and digital transformation.