ISTANBUL
The World Bank announced Wednesday its executive directors selected Ajay Banga as the new president for a five-year term to begin June 2.
While Banga was the only nominee for the 14th president of the international financial institution, the World Bank said in a statement the selection process included "an open, merit-based, and transparent nomination."
It said its president also serves as the chair of the board of executive directors of the International Bank for Reconstruction and Development (IBRD).
Banga, a 63-year-old US national, was nominated in February by US President Joe Biden who described him as "a business leader with extensive experience" leading organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change.
Being elected chairman of the International Chamber of Commerce, Banga held various roles at PepsiCo and Nestle.
Born and raised in India, he was appointed in February 2015 by then-President Barack Obama to serve as a member of his Advisory Committee for Trade Policy and Negotiations.
Banga is set to replace David Malpass, who is stepping down with one year left at the helm, after serving four years.
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