The World Bank's 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2.
The Indian-born finance and development expert will be tasked with revamping the lender to tackle climate change and other global crises.
Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said in a statement.
"Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires," he added.
Zohran Mamdani wins NYC mayoral race, capping meteoric rise
Death toll rises to 11 in fire at Bosnian retirement home
Driver rams into pedestrians in western France, nine injured
Philippines begins cleanup after Typhoon Kalmaegi leaves at least 85 dead
China's Shenzhou-20 return mission delayed due to space debris impact
