Ajay Banga has replaced David Malpass as the President of the World Bank

Indian-American Ajay Banga has taken over as the President of the World Bank on Friday. He has become the 14th President of the World Bank. He will have a tenure of five years. With this, he has become the first black person to chair two global financial institutions - the World Bank and the International Monetary Fund (IMF).

Ajay Banga replaces David Malpass

President Joe Biden announced in February that the US would nominate Ajay Banga to be the President of the World Bank. Ajay Banga, 63, was elected as the 14th President of World Bank on May <> by the Executive Directors of the World Bank. Ajay Banga is the first Indian-American to chair the World Bank. He replaces David Malpass, who decided to resign in February.

"Join us in welcoming Ajay Banga as the new President of the World Bank Group," the World Bank tweeted on Friday, posting a photo of Ajay Banga entering his office. We are committed to creating a poverty-free world."

Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet. pic.twitter.com/8SwKQ4txVO

— World Bank (@WorldBank) June 2, 2023

IMF MD Kristalina Georgieva tweeted: "I wish Ajay Banga all the best as he assumes office as President of the World Bank today. I look forward to continuing the deep partnership between our institutions to do better work and help those in need."

I wish Ajay Banga all the best as he takes up his new role as President of the @WorldBank Group today. I look forward to continuing the deep partnership between our institutions to do good and help those most in need. pic.twitter.com/kKi4ejHWMU

— Kristalina Georgieva (@KGeorgieva) June 2, 2023

Prior to assuming the post of President of the World Bank, Ajay Banga was the Vice Chairman of General Atlantic. Prior to that, he was the CEO and Chairman of global company Mastercard.