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Indian origin Ajay Banga set to be next President of World Bank

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Indian origin Ajay Banga was confirmed as the next President of the World Bank. The World Bank’s 25-member executive board last night elected former Mastercard CEO to a five-year term as president.

The Indian-born finance and development expert was 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. He will start the new job on June 2.

Banga’s election came after World Bank board members interviewed him for four hours on Monday. The decision came in a vote by 24 of the board’s members, with Russia abstaining.

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