By John Ikani
Ajay Banga has been appointed as the new President of the World Bank for a term of five years, starting from June 2, 2023.
The announcement was made in a press release by the World Bank on Wednesday.
With the appointment, Banga becomes the first Indian-American to hold this esteemed position.
The World Bank confirmed that the selection process followed the guidelines set by shareholders in 2011, which includes a transparent and merit-based nomination process, open to any national of the Bank’s membership.
The World Bank’s Board expressed their excitement to work with Banga and said, “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.”
Banga previously served as the Vice Chairman at General Atlantic and was the President and CEO of Mastercard, a global organization with almost 24,000 employees.
During his tenure at Mastercard, he established the Center for Inclusive Growth, which aims to promote sustainable economic growth and financial inclusion across the globe.
The World Bank’s selection of Ajay Banga is expected to bring fresh perspectives and ideas to tackle the development challenges faced by developing countries.
His wealth of experience in both the private and public sectors is expected to play a crucial role in shaping the bank’s priorities and goals for the future.
