Ajay Banga becomes first Indian-origin president of World Bank

Ajay Banga, former CEO of Mastercard, has been elected as the new president of the World Bank for a five-year term. He was nominated by US President Joe Biden and was the sole contender to replace David Malpass. Banga, an Indian-born finance and development expert, aims to revamp the lender to tackle climate change and other global crises. He will start his new job on June 2 and will play a critical role in pushing forward with additional reforms, including forging partnerships between the public and private sectors and nonprofit groups.