BREAKING: Ajay Banga appointed as World Bank President

Banga, who has been appointed for a five-year term, will lead the development lender during a critical time as it seeks to improve its response to climate change.

After a board vote, the World Bank expressed confidence in Banga's leadership and released a statement stating its high hopes for his tenure.

The statement also mentioned the organisation's evolution process and its willingness to work with Banga to make progress in this regard.

"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the bank wrote.

Banga's experience and leadership skills make him a good fit for the role, and the World Bank hopes to benefit from his expertise as it seeks to evolve and adapt to the changing global landscape.