May 04, (THEWILL) – The Executive Directors of the World Bank have appointed Ajay Banga as President of the Bank for a five-year term beginning June 2, 2023.
Banga, an Indian-American business leader, was elected unopposed to head the international financial institution, which said it looks forward to working with him on the World Bank Group Evolution process.
The World Bank, in a statement on Wednesday, noted that Banga’s appointment followed the selection process agreed by shareholders in 2011.
The process includes an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor.
“Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.
“The Board looks forward to working with Banga on the World Bank Group Evolution process discussed at the April 2023 meeting.
“Also, on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” it added.
Banga is the first Indian-American to be appointed President of World Bank
The former Mastercard Inc. Chief currently serves as Vice Chairman at General Atlantic.
Under his leadership as President and Chief Executive Officer (CEO) of Mastercard, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world
In February, US President, Joe Biden, announced that the US would be nominating Banga, 63, to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
“Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.
“He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He was awarded the Padma Shri in 2016,” Biden said in February.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
