US Businessman Ajay Banga Approved to Lead World Bank

WASHINGTON—The World Bank’s executive board approved Ajay Banga as its next president on Wednesday, putting the India-born American businessman in charge of an effort to expand lending capacity and fight climate change.

Mr. Banga, who was nominated for the post by President Biden, succeeds David Malpass, a nominee of former President Donald Trump who is stepping down in June, a year before his term ends.