The post of president of the World Bank following the resignation of David Malpass will be taken by the former head of Mastercard, Ajay Banga.
The organisation's management on Wednesday, May 3, elected Ajay Banga for a five-year term. The former head of Mastercard as the 14th president will lead all organisations of the World Bank Group, including the parent, the International Bank for Reconstruction and Development. The organisation's new president will start his term on 2 June 2023.
Current World Bank president Malpass announced his decision to step down on 15 February. He has led the organisation for more than four years. It is not known about Malpass' future career plans.
The former head of Mastercard was nominated in late February by US President Joe Biden. In his words, Ajay Banga was uniquely placed to lead the World Bank at such a "critical juncture in history". Biden also emphasised the entrepreneur's experience in mobilising public-private resources to address pressing issues, including climate change.