Washington: The World Bank on Wednesday elected the former Mastercard CEO Ajay Banga to a five-year term as president, starting from June 2.
The 25-member executive board in a statement said “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,”.
He is set to take over the role from David Malpass on June 2.
US President Joe Biden in February nominated Banga for the post and was the sole contender to replace David Malpass.
Ajay Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, is to be President of the World Bank.
Previously, he held the position of president and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.
Over the course of his career, he has become a global leader in technology, data, financial services and innovating for inclusion.
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