The World Bank announced on Wednesday that Ajay Banga will take over as the next President of the global financial institution. The Bank said that it is looking forward to working with its first-ever Indian-American head at a juncture when it's tackling the toughest development challenges facing developing countries. "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 bank said in a press statement.

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Banga is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga hails from the Defence Colony in South Delhi and is a son of a former lieutenant general in the Indian Army. He completed his schooling from St. Edward's School, Shimla, and the Hyderabad Public School in Hyderabad.

He pursued his graduation- a Bachelor of Arts (Honours) in Economics-  from Delhi's famous St. Stephen's College, followed by PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.

The World Bank says it looks forward to working with him on the World Bank Group Evolution process. "The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the statement added.

The former Mastercard Inc. Chief, Banga currently serves as Vice Chairman at General Atlantic.

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

"Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity," President Biden had said.

He has also worked closely with Vice President Kamla Harris as the Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.

Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.