World Bank Announces Ajay Banga New President
The World Bank has announced the appointment of Ajay Banga as its new President.
Banga comes to the World Bank with a decade-long career at Mastercard.
He will be succeeding David Malpass as the next President of the development lender, and his term is set to last five years.
In a statement, the World Bank expressed its confidence in Banga’s ability to lead the institution and to use his extensive experience to help address some of the toughest development challenges facing developing countries.
The World Bank has recently shifted its focus to issues such as climate change, conflict, and pandemics, among other pressing concerns.
Banga is the sole US candidate for the position of 14th President at the World Bank and is expected to begin his tenure on June 02, 2023.
The World Bank has also highlighted the urgent need for developing countries to receive $2.4 trillion annually in the next seven years to address their challenges.