The meeting was held on the first day of the World Governments Summit 2024, which is being held at Madinat Jumeirah in Dubai this week.
The two men discussed ways to strengthen co-operation between the UAE and the World Bank Group, as well as advancements in the UAE's economic development.
During the meeting, Sheikh Mohammed praised the World Bank for its efforts to eradicate poverty and enhance global prosperity.
"The World Bank's efforts to eradicate poverty, enhance global prosperity, create opportunities for sustainable economic growth and invest in building human capabilities are commendable," Sheikh Mohammed said.
Sheikh Mohammed also stressed the UAE's commitment to strengthening ties with the World Bank Group and plans to discover new opportunities for co-operation on mutual interests.
For his part, Mr Banga praised the UAE's development model and said the country's achievements embody valuable knowledge that could benefit other countries.
The meeting was attended by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance in the UAE; Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai; Sheikh Ahmed bin Saeed, Chairman and Chief Executive of Emirates Airline and Group, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the World Governments Summit; and Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
More than 25 world leaders, 140 governments and 85 international organisations will be among 4,000 attendees at the three-day event, which has the theme "Shaping Future Governments".
The summit will host 110 sessions, featuring more than 200 prominent speakers, from presidents to Nobel laureates.
A number of ministerial meetings will be held throughout the event, putting finance, energy and sustainable development on top of the agenda.