Ajay Banga will take over the role from David Malpass on June 2.

The World Bank confirmed Ajay Banga was selected as its next president on Wednesday, taking charge at a pivotal time for the development lender as it looks to better address climate change.

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the bank wrote in a statement published shortly after the board voted to approve his leadership for a five-year term. He will take over the role from David Malpass on June 2. 

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