The World Bank's 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2.
The Indian-born finance and development expert will be tasked with revamping the lender to tackle climate change and other global crises.
Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said in a statement.
"Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires," he added.
Germany's foreign minister, Johann Wadephul, threatened unspecified measures against Israel on Tuesday and said Berlin would not export weapons used to break humanitarian law.
An explosion at a chemical plant in the eastern Chinese province of Shandong killed at least five people, with 19 injured and six missing, the state-run Xinhua agency said late on Tuesday.
The work of a US-backed private humanitarian organisation tasked with distributing aid in Gaza is a distraction from what is needed, such as the opening of crossing points, a UN spokesperson said on Tuesday.
A car ploughed into a crowd of Liverpool fans during a parade celebrating their side's Premier League soccer title on Monday, hospitalising 27 people, with two seriously injured.
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has discussed ways to strengthen bilateral relations during talks with his Austrian counterpart Beate Meinl-Reisinger.