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Ajay Banga has been named the new President of the World Bank, which is situated in Washington.
The World Bank officially announced that Banga, who worked for Mastercard for ten years, would succeed David Malpass as the organization's president.
Banga would lead the institution for five years, according to the development lender.
According to the World Bank, Banga's experience will help him realize the bank's "ambitions and efforts to tackle the toughest development challenges facing developing countries."
Banga, who will take office as the World Bank's 14th President on June 2, 2023, was the only American contender.
Recently, the bank's attention has shifted to pressing global issues like climate change, war, and pandemics.
According to the World Bank, developing nations will require $2.4 trillion per year over the next seven years to address their problems.
