Ajay Banga: Ajay Banga elected as new World Bank President

International desk:

International desk:

Ajay Banga, the former MasterCard CEO of Indian origin, was elected the next president of the World Bank on Wednesday.  He will be the first president of Asian descent.  He will assume office on June 2, 2023.  His term of office will be 5 years.  Ajay Banga was elected unopposed by the 25-member executive board on Wednesday.  Previously, Banga was CEO of Mastercard.  He has very good experience in financial and development work.  This term, he will face a major challenge of climate change.  Earlier, current World Bank President David Malpass (World Bank New President Ajay Banga) announced earlier in the year that he would step down before the end of his term.