The World Bank appointed ‘Ajay Banga’ as a new President. A 25-member execute board confirmed his name for the post on Wednesday after following a selection process agreed upon by shareholders in 2011. Banga, who is at 63 now, has worked for Mastercard as a CEO before this, and his term in the World Bank will begin on June 2 and last for the next five years.
Since its establishment after World War II, the World Bank has been led by American leaders. The reports suggest that the Banga impressed shareholders in recent weeks. He was nominated by President Joe Biden in February and succeeded David Malpass as the President of the World Bank. David Malpass was selected for the role by former President Donald Trump.
More About Ajay Banga
- Ajay Banga was born in India and spent his early years there. He got U.S. citizenship in 2007, and since then, he has been serving the country.
- Before being appointed at the World Bank, he was the Vice Chairman at General Atlantic.
- He has also served as CEO of Mastercard for more than a decade.
- Ajay is a finance and development expert and also served as Honorary Chairman of the International Chamber of Commerce.
- Banga was also awarded India’s third-highest civilian Padma Shri Award in 2016.
- As a President, Banga will also chair the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD) in this role.
- In this role, he will also be the ex officio chair of the Boards of Directors of the International Development Association (IDA) and other international boards.
Mr Biden congratulated Banga on his appointment at the World Bank and predicted that he would be a transformative leader. Let’s see if he will fit in this role and how he will take responsibility.