<h5>Who is Ajay Banga?</h5><p>The World Bank announced that Ajay Banga will be its next president. His appointment comes at a time when the organisation is trying to play an important role in effectively combating climate change. He is the first Indian-born person to become the president of the World Bank.</p><p>Ajay Banga’s family is from Jalandhar, Punjab. But he grew up in Khadki, Pune. He studied economics at St Stephen's College, Delhi University. After this, he studied at the Indian Institute of Management, Ahmedabad. Banga began his career at Nestle India. After this, he joined Pepsico.</p><p>In 1996, he joined Citigroup. In this company, he rose through the ranks and became the chief executive officer (CEO) of the Asia-Pacific region. In 2010, Mastercard announced that Banga would lead the company as the president and CEO. He retired from Mastercard in December 2021. Banga has been a citizen of the United States since 2007.</p><p>In 2016, the Indian government awarded Banga with the Padma Shri, India's fourth highest civilian honour. He has become the 14th President of the World Bank. He will be taking over this role from 2nd June 2023. He will be replacing David Malpass in his new post.</p><h5>What is the World Bank?</h5><figure class="image"><img src="https://firebasestorage.googleapis.com/v0/b/newsahoot.appspot.com/o/ajay-banga-appointed-president-of-the-world-bank%2Fworld-bank-hq%20(1).jpg?alt=media&amp;token=525ca162-6478-4ae6-90a1-89a6050f070d"><figcaption>The headquarters of the World Bank. Photo by Wikimedia Commons / CC BY 2.0.</figcaption></figure><p>The World Bank is an international organisation that is linked with the United Nations (UN). This organisation provides monetary help to its member countries to help their economic development. The World Bank’s headquarters is located in Washington, D.C., the United States of America (USA).</p><p>The World Bank was established in 1944 to help build a new economic structure after World War II. The organisation oversees various policies that can help developing nations grow. It also provides financial aid to poor countries. The organisation started functioning in 1946.</p><p>The first loans the organisation provided aimed to rebuild the destruction caused by World War II in Western Europe. Since the mid-1950s, it has started giving financial aid to developing countries for infrastructure projects such as roads, water and sewage systems, dams, etc.</p><h5>How has the World Bank helped India?</h5><p>India has witnessed strong financial growth. The World Bank’s relationship with India has helped the country's development in various ways. Due to financial aid received from the World Bank, the Indian government has been able to provide certain facilities, like all-weather roads for thousands of rural areas.</p><p>Funds from the World Bank have also supported national education programmes that improved access to education for underprivileged people. The organisation is also helping our country eliminate tuberculosis. The World Bank helped develop nationwide nutrition programmes for mothers and infants.</p><p>It has also provided funds to India to help clean up and conserve the Ganga. The World Bank also assisted in improving access to better water supply and sanitation in the country. All these are some ways in which the organisation has helped India.</p><p>However, there is more that needs to be done to help the people of the nation. Let’s hope that India and the World Bank maintain their relationship so that the country can prosper.</p>

He will be the 14th president of the World Bank.

Ajay Banga Appointed President of the World Bank

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Ajay Banga Appointed President of the World Bank

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