Ajay Banga, an India-American and a former Mastercard CEO, has been appointed as the World Bank’s 14th president on Wednesday. His term, which begins on June 2, will last for the next five years. A 25-member executive board confirmed Banga for the post after following a selection process agreed by shareholders in 2011.
Since its establishment at the end of World War II, the World Bank has been led by Americans. Reuters reported citing sources that Banga had impressed shareholders in recent weeks as a “true change maker” who will help accelerate reforms at the global development bank, which is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.
5 things about Ajay Banga
1. Ajay Banga, 63, was born in India and spent his early career there, has been a U.S. citizen since 2007. He most recently served as Vice Chairman at General Atlantic.
2. Ajay Banga is a finance and development expert and also served as Honorary Chairman of the International Chamber of Commerce from 2020-2022. He has been the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
3. Banga received Padma Shri award in 2016, India’s third highest civilian award. He was nominated for the post by the US President Joe Biden in late February.
4. According to Reuters citing sources, Banga has met with officials from 96 governments since his nomination and visited eight countries during a three-week world tour to meet with government officials, business leaders and civil society groups, flying a total of 39,546 miles.
5. As a President of the World Bank Group, Banga will also chair the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD). He will also be the ex officio chair of the Board of Directors of the International Development Association (IDA) and few other international boards.
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