Ajay Banga elected as new President of the World Bank

Banga is set to assume office on June 2 for a five-year term
World Bank
Ajay Banga

US nominee Ajay Banga was elected as the new President of the World Bank Group on Wednesday by the Board of Directors.

Sources close to the institution said that the only declared US-Indian candidate (63 years old) confirmed on several occasions that he wants to prioritize funding for combating climate change and reforming the World Bank. He will assume his duties on June 2 for a five-year term.

The US decision to nominate Banga, who was born and raised in India, was carefully considered, as the United States seeks to approach India to counter Chinese influence in the region.

Read more: World Bank expects 5.9% growth for Gulf economies

Following his nomination, Ajay Banga began a tour around the world to promote his candidacy and obtain support from as many countries as possible, especially emerging and developing countries. He was able to rely on the support of India, Kenya, and even South Africa, which supported his nomination.

Banga also succeeded in obtaining the support of a certain number of Francophone countries, as stated in mid-April by Abdel Salam Bello, the representative of 23 African countries in the World Bank.

Click here for more economy news.