Ajay Banga confirmed as next President of World Bank
Ajay Banga, who is of Indian descent, has been appointed as the World Bank's new President. 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 of Directors expressed willingness to collaborate with Mr. Ajay Banga on the organization's future.
• The nomination of Ajay Banga for this post was made by US President Joe Biden in February.
• Mr. Banga was congratulated and hailed by Joe Biden as a leader who will bring transformation, competence, experience, and innovation to the World Bank 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.
Ajay Banga’s Selection Process as World Bank President
Ajay Banga was chosen as the sole contender to succeed David Malpass, the outgoing World Bank chief and a former US Treasury official in the Trump administration. Ajay Banga underwent a four-hour interview with World Bank board members, and he obtained final clearance from the board after many sessions in recent weeks.
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.
