Biden congratulates World Bank pick on approval by governors

President Biden on Wednesday welcomed the approval of new World Bank President Ajay Banga by the organization’s board of governors.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said in a statement. “And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction—including climate change.”

Banga assumes what will be a key position in the global battle to alleviate poverty and address climate change.

The White House in February nominated Banga to replace David Malpass, a Trump administration appointee who announced last year he planned to step down.

Banga previously served as an executive at Mastercard and most recently worked at the equity firm General Atlantic.

Banga will serve a five-year term atop the World Bank.

The World Bank is made up of 189 nations and is tasked with providing loans and grants to low- and middle-income countries to pursue development projects.

“I look forward to working with Ajay in his new role and to supporting his efforts to transform the World Bank, which remains one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe,” Biden said.

Updated at 4:56 p.m.