Ajay Banga, the former CEO of Mastercard of India has been elected as the President of the World Bank. He will be the president of the World Bank for the next five years. He will be replacing the current president, David Malpass.
The 25-member executive board of the World Bank has elected Ajay Banga as president for a five-year term. US President Joe Biden`s nominee Ajay Banga is set to become the first Indian-origin President of the World Bank.
According to the World Bank, Ajay Banga`s tenure will start from June 2. The World Bank authorities also said that this important responsibility is being handed over to him at the time of climate change and the ongoing crisis in the world economy.
