World Bank President: Ajay Banga, an Indian-American named the World Bank's 14th president on Wednesday. His term will span five years, beginning on June 2.

He will succeed David Malpass, who was appointed by outgoing President Donald Trump.

Banga was most recently Vice Chairman at General Atlantic. He formerly served as Mastercard's President and CEO. He has also served on several boards. 

He co-founded The Cyber Readiness Institute and formerly served as Vice Chair of the Economic Club of New York.

During his campaign, Banga told reporters that he wanted to see increased private sector investment to manage money for global challenges.

"There is not enough money without the private sector," he said, adding that an entity like the World Bank should set up a structure for sharing risk and mobilising private capital to achieve its aims.

What World Bank Board said in a statement?

"The Board looks forward to working with Mr Banga," said the World Bank Board in a statement.

Under an informal agreement with Europe, every World Bank President since 1944 has been chosen by the US President, and Ajay Banga was nominated by current US President Joe Biden.

The nomination and "selection" process serves as a means of granting confirmation, even though candidates are still required to go through this procedure.

Banga was born in the Maharashtra city of Pune and attended schools in Shimla and Hyderabad. 

His undergraduate degree in economics was obtained from St. Stephen's College in Delhi, while he received his Master's in Business Administration from the Indian Institute of Management in Ahmedabad.

US President Joe Biden stated in a statement that Ajay Banga is expected to be a transformative figure, who will bring a wealth of expertise, experience, and innovative ideas.

Banga will be the World Bank's 14th President

Janet Yellen, US Treasury Secretary stated that Ajay Banga possesses the ideal combination of leadership and management skills, financial expertise, and experience working and living in developing markets, making him the perfect candidate to lead the World Bank during a pivotal time in its history.

Ajay Banga recognises that the challenges we face are interconnected, ranging from dealing with climate change, pandemics, and fragility to alleviating severe poverty and supporting inclusive economic growth.

Throughout his campaign, he has effectively built a broad global coalition around his World Bank vision.