World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S.
| Photo Credit: Reuters
World Bank president Ajay Banga will travel to India next week, his first visit to the country after taking over the helm of the global lender, to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad.
Indian-American Mr. Banga, 63, took over as the President of the World Bank in June, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.
The Executive Directors of the World Bank selected Mr. Banga as the 14th President of the World Bank in May for a five-year term after being nominated by U.S. President Joe Biden for the post.
This would be Mr. Banga’s first trip to India after he took over as the World Bank president.
India is currently holding the presidency of the G20, an intergovernmental forum of the world’s major developed and developing economies.
Gujarat is hosting four meetings of G20 in the first two weeks of July.
These meetings will provide an opportunity for business representatives to share their perspectives, insights and policy recommendations on various economic and business-related topics and will play a very significant role in shaping global economic agendas and policies, according to officials.
The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union (EU).
Collectively, the G20 accounts for 85% of the global GDP, 75% of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.
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