The 25-member Executive Board of the World Bank on Wednesday, May 3, 2023, elected former MasterCard CEO Ajay Banga as the new President of the World Bank for a term of 5 years, effective June 2.
Banga, 63, was nominated by US President Joe Biden in late February and was the only candidate to replace outgoing World Bank President David Malpass, an economist and former US Treasury official during the administration of former President Donald Trump.
Banga is an Indian-born finance and development expert tasked with developing the international financial institution's most renowned role in tackling climate change and other global crises.
US President Joe Biden said he was ready to "support his efforts to improve the performance of the World Bank, which remains one of the most important institutions to combat poverty in the world."
Banga was nominated in an atmosphere of heightened geopolitical tension as the United States tries to draw closer to India to counter Chinese influence in the region.