Ajay Banga Selected as 14th President of the World Bank

Ajay Banga has been chosen to lead the Washington-based World Bank.

David Malpass’ successor, Banga, who worked at Mastercard for ten years, was officially announced by the World Bank.

The institution would be led for five years by Banga, according to the development lender.

According to the World Bank, it is hopeful that Banga will use his experience to help the bank realize its “ambitions and efforts to tackle the toughest development challenges facing developing countries.”

Banga is the lone American contender for the position of 14th President of the World Bank, and he is scheduled to start his new job on June 2, 2023.

Recently, the bank’s attention has shifted to pandemics, war, and climate change, among other urgent global issues.

The World Bank estimated that for the next seven years, developing countries will need $2.4 trillion yearly to address their problems.