Ajay Banga has been appointed as the President of the World Bank.

The World Bank confirmed that Banga, who had a decade-long career in Mastercard, would take over from David Malpass as the next President.

The development lender disclosed that Banga would pioneer the institution for five years.

The World Bank said it is optimistic that Banga would use his experience to achieve Banks’ “ambitions and efforts to tackle the toughest development challenges facing developing countries.”

Banga is the sole US candidate for the role of 14th President at the World Bank and is expected to resume duty on June 02, 2023.

Recently, the bank’s focus has shifted to Climate Change, conflict and pandemics, among other pressing issues facing the World.

The World Bank said developing countries need $2.4 trillion annually in the next seven years to address its challenges.