World Bank’s next president will be Ajay Banga, as just announced. The new President of the World Bank is Ajay Banga, an Indian-origin economist. Former Mastercard CEO Ajay Banga was chosen by the World Bank’s 25-person executive board to lead the organization for the next five years, beginning on June 2.
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Confirmation of Ajay Banga as World Bank President: Some Highlights
The Board of Governors of the World Bank has publicly stated its readiness to collaborate with Mr. Ajay Banga on the Bank’s ongoing process of transformation. In February, Vice President Joe Biden proposed Ajay Banga for this position in the United States government. Vice President Joe Biden extended his congratulations to Mr. Banga and hailed him as a transformative leader who would bring new ideas and perspectives to the helm of the World Bank. Vice President Joe Biden elaborated, saying that Ajay Banga, along with World Bank leadership and shareholders, will play a critical role in guiding the institution as it develops and expands to confront global issues, including climate change, which directly impact the World Bank’s primary purpose of eliminating poverty.
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When it came time to replace David Malpass, the former World Bank chief and a former US Treasury official in the Trump administration, Ajay Banga was chosen as the lone candidate. After a four-hour interview and multiple meetings with the World Bank board members over the past few weeks, Ajay Banga was given the board’s final permission. David Malpass will remain in his position as Treasury Secretary until June 1, and the Indian-American has been chosen. Rather than the customary consensus-based method, the decision was reached by a vote by 24 board members, with Russia abstaining.
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