The World Bank's 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2.
The Indian-born finance and development expert will be tasked with revamping the lender to tackle climate change and other global crises.
Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said in a statement.
"Ajay 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," he added.
Israeli troops and tanks pushed on Saturday into parts of a congested northern Gaza Strip district that they had previously skirted in the more than seven-month-old war, killing and wounding dozens of Palestinians, medics and residents said.
Slovak Prime Minister Robert Fico is no longer in immediate danger but still in a serious condition, his deputy said on Sunday, four days after an assassination attempt that sent shockwaves through Europe.
At least 47 people have died after continued heavy rain and flooding in northern Afghanistan, an official said on Sunday, a day after a similar number were killed in a central province.
Russian airstrikes killed at least ten people and injured many others in a recreation area just outside Ukraine's northeastern city of Kharkiv on Sunday, local officials said.