Ajay Banga, an Indian-American businessman, has been chosen by US President Joe Biden to manage the World Bank.
The action is being taken as the US puts increased pressure on the bank to focus more on combating climate change.
Mr. Banga oversaw Mastercard for more than ten years before moving into private equity.
According to US officials, he possessed the expertise to support the bank’s goals through collaborating with the private sector. The board of the bank will officially name its new leader.