Ajay Banga, an Indian-origin business leader, has been named the next World Bank President. He will take over as President for the next five years on June 2, following David Malpass. Under Banga’s leadership, the World Bank intends to address climate change more effectively.

In February, US President Joe Biden proposed Ajay Banga to manage the World Bank, stating that he is “well equipped” to oversee the global institution at “this critical moment in history.”

Banga is the first Indian-American and Sikh-American to lead the world’s two largest financial institutions, the IMF and the World Bank.

Banga, raised in India, has a unique perspective on developing nations’ opportunities and problems and how the World Bank can deliver on its ambitious mission to alleviate poverty and expand prosperity.

As Co-Chair of the Partnership for Central America, he has also worked closely with Vice President Harris.

Banga is expected to take over the anti-poverty lender at a critical juncture, with the US and Western nations pushing for reforms to focus on addressing a host of global challenges such as climate change.

Banga completed his secondary education at Hyderabad Public School and his postgraduate studies at the Indian Institute of Management, Ahmedabad.

Banga began his career at Nestle in 1981 and then moved to PepsiCo. He worked at Nestle for nearly a decade in numerous capacities, including marketing, sales, and management.

He was President and CEO of Mastercard for eleven years and a member of the Board of Directors. He worked for Citigroup Inc. in various capacities, including CEO of the Asia-Pacific region.

Ajay Banga has a net worth of $206 million and holds Mastercard shares valued at around $114 Million. He is currently the Vice Chairman of the private equity firm General Atlantic.

Ajay Banga was awarded India’s fourth-highest civilian award, Padma Shri, in 2016.