Washington, May 4 :The World Bank announced that its executive directors selected Ajay Banga to be the next President for a five-year term that begins on June 2.

“The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023,” the World Bank said in a press release.

Banga is former CEO of Mastercard and currently serves as vice chairman at the growth equity firm General Atlantic. Banga also worked on the US President’s Advisory Committee for Trade Policy and Negotiations and co-chaired the Partnership for Central America alongside US Vice President Kamala Harris.