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Indian origin Ajay Banga confirmed as the 14th President of World Bank

Ajay Banga confirmed as 14th President of World Bank

Ajay Banga, who is of Indian origin, has been officially selected as the 14th President of the World Bank. The 25-member executive board of the World Bank elected Ajay Banga, who previously served as the CEO of Mastercard, to hold the position for a period of five years, starting from June 2.

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Ajay Banga confirmed as next President of World Bank: Key Points

  • The World Bank’s Board expressed their eagerness to work with Mr. Ajay Banga on the organization’s evolution process.
  • The nomination of Ajay Banga for this post was made by US President Joe Biden in February.
  • Joe Biden congratulated Mr. Banga and praised him as a leader who would bring transformation, expertise, experience, and innovation to the World Bank’s presidency.
  • Joe Biden added that Ajay Banga, along with World Bank leadership and shareholders, will play a crucial role in steering the institution as it develops and expands to address global challenges, particularly climate change, which directly impact the World Bank’s fundamental goal of reducing poverty.

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Ajay Banga’s Selection Process as World Bank President

Ajay Banga was selected as the only candidate to take over from David Malpass, who was the outgoing World Bank chief and a former US Treasury official in the Donald Trump administration. Ajay Banga underwent a four-hour interview with the World Bank board members, and after several meetings in recent weeks, he received the board’s final approval.

The Indian-American was elected and David Malpass would continue to serve until June 1. The decision was made through a vote by 24 board members, with Russia abstaining, which is different from the usual consensus-based process.

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