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.
St. Petersburg region port, oil terminal hit in Ukrainian drone attack
Trump extols America, rails at communism in US 250th celebration
Zelenskyy denies Russian capture of key eastern city Kostiantynivka
Keiko Fujimori declared winner of Peru presidential race
Ukrainian rescuers clear rubble as Kyiv mourns 30 killed in Russian attack
