India-born Ajay Banga appointed World Bank President

India-born Ajay Banga has been elected as the World Bank's next president. A 25-member executive board elected the ex-Mastercard CEO who was nominated for the post by US President Joe Biden in late February.
"The Board looks forward to working with Mr Banga on the World Bank Group Evolution process," the bank said in a statement published shortly after the board voted to approve his leadership for a five-year term.

Banga, a finance and development expert, will take over the role on June 2. He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next month.

US President Joe Biden congratulated Ajay Banga on his resounding approval by the World Bank's Board of Governors. He stated that Banga will be a "transformative leader, bringing expertise, experience, and innovation to the position of World Bank President."

"I want to congratulate Ajay Banga -- my nominee for the next President of the World Bank -- on his resounding approval by the Bank's Board of Governors," US President Joe Biden said in a statement released by the White House.

"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction--including climate change," he added.

Biden said Ajay Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.