The World Bank confirmed on Wednesday that Ajay Banga would be its next president, handing him the reins at a pivotal time as it looks to reshape its role to better address climate change.
“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the development lender wrote in a statement published shortly after executives voted to approve his leadership for a five-year term.
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The bank said it looked forward to working with Banga on its “ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”
Banga, the US candidate who was the sole nominee for the top job, will begin his new role on June 2, taking over from David Malpass who is stepping down early amid criticism over his stance on climate issues.
President Joe Biden said in a statement that Banga “will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”
