World Bank says its board elected US nominee Ajay Banga as next president

The World Bank’s 25-member executive board on Wednesday elected former MasterCard CEO Ajay Banga to a five-year term, effective June 2, appointing an Indian-born finance and development expert tasked with revamping the lender to tackle climate change and more. global crises.

Banga, 63, was nominated by US President Joe Biden for the position in late February He was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.