Ajay Banga is new World Bank president

The World Bank has announced the appointment of Ajay Banga as its next president, taking over from David Malpass on June 2.

The development lender has high hopes for Banga, who will lead the institution during a critical time as it seeks to improve its response to climate change.

Following a board vote, the World Bank released a statement expressing confidence in Banga’s leadership, adding that it looks forward to working with him on the organisation’s evolution process.

“The Board looks forward to working with Banga on the World Bank Group Evolution process,” the bank wrote.

Banga has been appointed for a five-year term.