India-born Ajay Banga has been elected as the World Bank’s next president for a term of five years.

A 25-member executive board elected the ex-Mastercard CEO who was nominated for the post by US President Joe Biden in February.

“The Board looks forward to working with Mr Banga on the World Bank Group Evolution process,” the bank said in a statement.

Banga will take charge on June 2 as the term of David Malpass as World Bank chief comes to an end.

US President Joe Biden said that he looked forward to working with Banga in his new role and supporting his efforts to transform the World Bank.

“I want to congratulate Ajay Banga — my nominee for the next President of the World Bank — on his resounding approval by the Bank’s Board of Governors,” US President Joe Biden said in a statement released by the White House.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction–including climate change,” he added.

Biden said Ajay Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.

Banga, 63, who was born into a Sikh family in India and was naturalized as a US citizen in 2007. His father served as Lt General in the Indian army.

Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion.

He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016.