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https://www.wsj.com/articles/u-s-businessman-ajay-banga-approved-to-lead-world-bank-adb5f1ad

U.S. Businessman Ajay Banga Approved to Lead World Bank

Former Mastercard CEO, who grew up in India, takes over the bank at a moment of transformation

By Yuka Hayashi

Updated May 3, 2023 2:52 pm ET

As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

WASHINGTON—The World Bank’s executive board approved Ajay Banga as its next president on Wednesday, putting the India-born American businessman in charge of an effort to expand lending capacity and fight climate change.

Mr. Banga, who was nominated for the post by President Biden, is serving a five-year term starting June 2. He is succeeding David Malpass, a nominee of former President Donald Trump who is stepping down a year before his term ends.

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