Former Mastercard CEO Ajay Bang was confirmed as the World Bank's 14th president on Wednesday and will begin his five-year term at the head of the governing body next month, according to CBSNews..

Banga was nominated by President Joe Biden in February to succeed David Malpass, appointed by World Bank chief Donald Trump..

Malpass previously announced that he planned to retire a year ahead of schedule..

Biden congratulated Banga on his nomination by the World Bank's board of governors and suggested he would be the leader who would bring about change.

“Together with the leadership and shareholders of the World Bank, he will help guide this institution as it develops and expands to address global challenges that directly affect its core mission of reducing poverty as well as combating climate change,” the president said..

Biden said Ajay will also be involved in bringing together the public and private sectors, as well as philanthropic organizations, to bring about a long overdue fundamental change in development finance..

Treasury Secretary Janet Yellen said Banga will play a "

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[quote type\u003d" Operating in more than 100 developing countries, providing financial and advisory assistance to improve the quality of life and improve it among the poorest people. The Bank develops assistance strategies for each of its client countries in collaboration with governments, non-governmental organizations and the private sector. The World Bank consists of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). [/quote].

Raised in India, Banga will join the World Bank from private equity firm General Atlantic, where he serves as vice president. He worked for Mastercard for more than a decade, serving as its president and chief executive officer and later as executive chairman..

Banga was also Citigroup's Asia-Pacific CEO and worked with Nestle in India for 13 years.. He has served on the boards of the American Red Cross, Kraft Foods and Dow Inc..

Former World Bank leader Malpass was caught in a scandal last September. He faced criticism after he bluntly answered a question about the causes of climate change at a conference.. This led to calls for his resignation..

In total, more than 50 percent of all economic assistance provided to Ukraine since the beginning of the war has passed through the World Bank.

In the very first days of the war, the World Bank mobilized over $700 million in emergency financing for Ukraine.