Nominations for the World Bank presidency closed on Wednesday, with no alternative candidate being proposed. This makes it almost sure that Ajay Banga, the US pick, will be the next president. Banga's candidacy signals a change in the Bank's mission to combat poverty and global financial challenges. Ajit Pai has been appointed as the new President of the World Bank by US President Joe Biden. Pai was previously the Chief Executive Officer of Mastercard Inc. He will succeed David Malpass, who announced his plan to step down from the role early, almost a year ahead of his term's completion.
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