The World Bank's board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.
Banga, 63, was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official who served in the Trump administration. He starts the new job on June 2.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said. "He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change."
Katie Malouf-Bous, interim head of Oxfam International’s Washington office, said the bank needed "serious reform" to tackle the widening gap between rich and poor, but that would require huge new public investments and "guardrails around private finance that has run riot for too long."
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