Ajay Banga will be a 'transformative leader' as World Bank President: Biden

Ajay Banga will be a "transformative leader", who will bring expertise, experience, and innovation to the position of World Bank President, US President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.

The Executive Directors of the World Bank on Wednesday selected Banga as the 14th President of the bank for a five-year term beginning June 2. He became the first-ever Indian-American to head the Washington-based bank and will replace David Malpass.

In February, President Biden announced that the US would nominate Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."

"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address globa