After executives voted to approve his leadership for a five-year term, the development lender issued a statement saying, “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process.” In its statement, the bank expressed interest in collaborating with Banga on its “ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”
On June 2, Banga, the US candidate who was the only one nominated for the top position, will start in his new position and succeed David Malpass, who is resigning early due to criticism of his position on climate concerns.

Banga “will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change,” President Joe Biden said in a statement.