The Indian origin Ajay Banga was selected as next president of World Bank on Wednesday, NDTV report said.
The report said World Bank confirmed Banga as its next president, taking charge at a pivotal time for the development lender as it looks to better address climate change.
"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the report quoted World Bank’s statement.
It said the banks’ board voted to approve Banga’s leadership for a five-year term.
Banga will take over the role from David Malpass on June 2, it said.
Banga, 63, was nominated for the post by US President Joe Biden in late February.
He was the sole contender to replace departing World Bank chief Malpass, an economist and former US Treasury official during Donald Trump's tenure.