Ajay Banga appointed as new President of World Bank

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Indian-origin Ajay Banga has been officially elected as the new President of the World Bank.

An Overview of the News

• Ajay Banga was nominated for this post by US President Joe Biden in February.

• The 25-member Executive Board of the World Bank elected Ajay Banga, who previously served as the CEO of Mastercard, to hold the position for a period of five years from June 2.

• The World Bank provides loans and grants to low- and middle-income countries for capital projects.

• It is made up of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

• The World Bank was established in 1944 at the Bretton Woods Conference along with the International Monetary Fund (IMF).

• Its lending strategy is guided by the United Nations' Sustainable Development Goals and environmental and social safeguards.

About the United States

• It is primarily a country located in North America.

• The country consists of 50 states, one federal district, five major unincorporated territories, nine minor outlying islands, and 326 Indian reservations.

• The United States of America is the third largest country in the world in both land area and total area.

• It shares land borders with Canada to the north and Mexico to the south, while sharing maritime borders with the Bahamas, Cuba, Russia, and other countries.

Capital - Washington, D.C.

President - Joe Biden

Vice President - Kamala Harris

House Speaker - Kevin McCarthy

Chief Justice - John Roberts