Ajay Banga confirmed as World Bank chief

The World Bank announced the appointment of Ajay Banga, a prominent Indian-American business leader, as its next President on Wednesday (03).

In response, the organisation expressed its anticipation to collaborating with Banga on the ongoing World Bank Group Evolution process.

"The Executive 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 bank said in a press statement.

In February, 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."

"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the statement added.

Banga, the previous CEO of Mastercard Inc., presently holds the position of Vice Chairman at General Atlantic.

He has made history as the first-ever Indian-American and Sikh-American to lead one of the world's two major international financial institutions: the International Monetary Fund and the World Bank.

Growing up in India, Banga possesses a distinct perspective on the issues and possibilities encountered by developing nations and how the World Bank can accomplish its ambitious goal of diminishing poverty and promoting growth, President Biden had said.

Banga 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.

As the US and Western nations push for reforms to address a broad range of global challenges such as climate change, Banga is expected to assume leadership of the anti-poverty lender at a critical juncture. He will be tasked with guiding the World Bank through this pivotal moment in its history.

(PTI)