The 25-member Executive Board of the World Bank elects former MasterCard CEO Ajay Banga as its new President. Banga was nominated by US President Joe Biden in late February.
He will serve a five-year term, starting on May 3, 2023. The World Bank is one of the most important institutions in the world, with a role in tackling climate change and other global issues. The U.S. is trying to draw closer to India to counter Chinese influence in the region.