Indian-American Ajay Banga becomes World Bank president

Washington DC: An Indian-American businessman Ajaypal Singh Banga has been elected as the 14th president of the World Bank.

In a statement issued by the World Bank, it has been stated that the bank's 25-member executive board has approved the new president.

According to the announcement, Ajaypal Singh will assume the post of World Bank president for five years on June 2, while the current president, David Malpass, is resigning from his post soon.

The news agency said that 63-year-old Ajay Banga was the only candidate for the presidency of the World Bank.

Notable, Indian-American businessman Banga was nominated by US President Joe Biden and is the first-ever Indian-American to head the bank. President called him "a transformative leader" who had the experience to run the World Bank.