Ajay Banga becomes World Bank President

Ajay Banga, former Mastercard executive, has been elected as the next president of the World Bank, succeeding David Malpass. Banga's five-year term will begin on June 2, and he will oversee the bank's efforts to help low-income countries overcome debt and combat climate change. The bank is pivoting to become a dominant player in climate finance, but shareholders are not eager to spend trillions of dollars on these priorities. Banga's selection was not unanimous, with Russia abstaining from the vote.