Indian-American Ajay Banga Elected New President of the World Bank

The World Bank announced that its board has selected U.S. nominee Ajay Banga as the new president, succeeding current president David Malpass. President Joe Biden had nominated Banga, the former CEO of Mastercard and vice chairman of the private equity firm General Atlantic, for the position. Biden stated that Banga is "uniquely qualified to lead the World Bank at this critical moment in history and has a unique vision for the opportunities and challenges facing developing and emerging countries." It is noted that it has been customary for an American to be appointed as the president of the World Bank, while the head of the International Monetary Fund is typically a European.