Indian-American business leader Ajay Banga has been appointed as the next President of the World Bank. The announcement was made on May 3, 2023, by the bank in a press statement. According to the statement, the Executive Directors of the World Bank selected Banga as President for a five-year term beginning June 2, 2023.
Banga, who is the former Chief Executive Officer of Mastercard Inc., is currently serving as Vice Chairman at General Atlantic. He is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
In February, President Joe Biden had announced that the US would be nominating Banga, 63, to lead the World Bank. President Biden had said that Banga is “well equipped” to lead the global institution at “this critical moment in history.” The World Bank statement said that the Board looks forward to working with 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.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said. He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time when the US and Western nations are pushing for reforms to focus on addressing a slew of wide-ranging global issues like climate change. He is taking over from current World Bank President David Malpass, whose five-year term will end on May 31, 2023.
Banga’s appointment has been widely welcomed by business leaders and politicians. His experience in the financial sector and his commitment to tackling poverty and promoting economic development make him an excellent choice for the role.