Ajay Banga, an Indian-American and former CEO of Mastercard, was named the 14th president of the World Bank on Wednesday. His term, which begins on June 2, will last another five years. The 25-member executive board confirmed Bang to the post, following a selection process agreed by shareholders in 2011.
The World Bank has been led by Americans since its founding at the end of World War II. Banga has impressed shareholders in recent weeks as a “genuine change-maker” who will help speed up reforms at the global development bank, which is under pressure to increase its lending to help developing countries tackle global issues such as climate change and conflict.
About Ajay Banga
Ajay Banga, 63, was born in India and spent his early career there, and has been a US citizen since 2007. Most recently, he served as vice chairman at General Atlantic.
Ajay Banga is an expert in finance and development and also served as Honorary Chairman of the International Chamber of Commerce from 2020-2022. He was the only candidate to replace outgoing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
Banga received the Padma Shri, India’s third highest civilian award, in 2016. He was nominated for this post by US President Joe Biden at the end of February.
Banga has met with 96 government officials since his nomination and visited eight countries during a three-week world tour to meet with government officials, business leaders and civil society groups, flying a total of 39,546 miles.
As President of the World Bank Group, Banga will also chair the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD). He will also be the ex officio chairman of the board of the International Development Association (IDA) and several other international councils.
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