Ajay Banga appointed unopposed as World Bank president

Ajay Banga, former CEO of Mastercard, has been confirmed as the new president of the World Bank, succeeding David Malpass. Banga, who was raised in India, brings deep experience with developing economies and financial expertise to the global institution. His appointment comes at a critical moment of transition for the World Bank, which is facing urgent questions about its lending model, climate change, poverty, and the war in Ukraine. Banga will face a challenging diplomatic environment, trying to satisfy the climate ambitions of the United States while maintaining the bank’s focus on development.