Ajay Banga, a former Mastercard chief executive, has been confirmed by the World Bank’s executive directors to take the helm as the lender faces rising expectations for its support to countries in need, including in confronting climate challenges.
Banga, President Joe Biden’s pick for the role, will begin his five-year term on June 2. His predecessor David Malpass, a Trump-era nominee, is stepping down nearly a year ahead of schedule. Banga will inherit a full inbox amid multiple global crises and as the bank undergoes a reform process aimed at increasing lending.
“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the executive directors said in a statement Wednesday, adding that they want to tackle “the toughest development challenges facing developing countries.”
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
