AJAY BANJA HAS BEEN APPOINTED AS THE 14TH PRESIDENT OF THE WORLD BANK

Ajay Banga

Ajay Banga has been named President of the World Bank in Washington, DC.

The World Bank revealed that Banga, who worked for Mastercard for a decade, would succeed David Malpass as President.

Banga will lead the institution for five years, according to the development lender.

The World Bank expressed confidence that Banga will use his experience to help the Bank achieve its "ambitions and efforts to tackle the toughest development challenges facing developing countries."

Banga is the lone US contender for the position of 14th President of the World Bank, which he will assume on June 2, 2023.

The bank's attention has recently switched to Climate Change, conflict, and pandemics, among other important concerns confronting the world.

According to the World Bank, developing countries will require $2.4 trillion per year over the next seven years to handle their difficulties.