Banga, the first World Bank president from South Asia, takes over on June 2 from outgoing president David Malpass, who is stepping down early from a presidency clouded by questions over his climate stance.
With this, Banga becomes the first Indian-born nominee to the World Bank president role.
Bangladesh has been one of the worst victims of global warming, with thousands of people being killed by cyclones in recent years that have become more frequent and deadlier.
Kim, a global public health expert and former Dartmouth College president, notified the board of his intention to continue in the bank's top job after his current term ends on June 30, 2017, the bank said.
The plan will be presented at COP21, the 12-day UN climate summit that opens Monday in Paris.
The bank said it would spend USD 5 billion by 2020 - double its spending of the previous five years - in an bid to reach more than 120 million children who are out of school and some 250 million more who cannot read or write despite attending school.
Speaking at the Vibrant Gujarat summit here, he said the World Bank was committed to catalysing a vibrant India and there is much reason for optimism. "We project that India will be a bright spot in an otherwise medium global economic outlook.
While opening up the meetings, World Bank president Robert Zoellick and IMF managing director Christine Lagarde highlighted the fragile state of the world economy.
Free markets rather than protectionist policies are the solution to volatile food prices and the G20 should take steps to prioritise the provision of food for the poor, World Bank President Robert Zoellick said.