The World Bank’s executive board elected Ajay Banga as its new president on May 3.

Banga, an Indian-born dual citizen of India and the US, will begin a five-year term on June 2, succeeding David Malpass. The US government, which has always named the World Bank president from among its own nationals, announced in February it was nominating Banga.

Malpass resigned in February, more than a year before his terms was due to end. He caused a major controversy over comments, which many observers