Ajay Banga appointed as World Bank President

Ajay Banga, former Mastercard CEO and US citizen of Indian origin, has been elected to lead the World Bank, becoming the first-ever Indian American to head the bank. He will replace David Malpass and begin his five-year term on 2 June. The US and other wealthy nations have been pushing the bank to increase its lending to fight climate change, but many developing nations are worried the focus on climate change will divert attention away from its anti-poverty efforts. As president of the World Bank, Mr Banga will have to address these issues - all without any clear additional money on the table.