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Indian American Ajay Banga took over as the President of the World Bank on Friday (local time). He is the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund. In May, the Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023. In February, President Joe Biden announced that the US would nominate Banga to lead the World Bank.
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