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Al Jazeera
Al Jazeera

World Bank elects US nominee Ajay Banga president

Ajay Banga World Bank United States David Malpass Climate Change Janet Yellen Joe Biden World Bank Group
Indian-born finance and development expert Ajay Banga is charged with revamping the global lender to tackle climate change [File: Eduardo Munoz/Reuters]

The World Bank’s 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2, the bank said, ushering in an Indian-born finance and development expert charged with revamping the lender to tackle climate change and other global crises.

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

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