WASHINGTON :The World Bank's board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.
Biden congratulated Banga on his"resounding approval" to run the World Bank, which he described as"one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe." "Ajay understands that the challenges we face – from combatting climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined. He has effectively built a broad global coalition around his vision for the Bank over the course of his candidacy," Yellen said in a statement.
"It is a challenging moment, but it's a moment where the World Bank remains more vital than ever, and where getting the evolution of the World Bank is absolutely critical," the official said.