The The World Bank’s 25-member executive board has elected former Mastercard CEO Ajay Banga to a five-year term as its 14th President, effective June 2. The Indian-born finance and development expert has been charged with revamping the lender to tackle climate change and other global crises.
Mr. Banga becomes the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
President Joe Biden said in a statement that Banga “will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change.”
