The appointment of Indian-origin Ajay Banga as the World Bank’s new president has been approved. Ajay Banga, a former CEO of Mastercard, was chosen on Wednesday by the 25-member executive board of the World Bank to serve as president for a term of five years beginning on June 2.
The former Mastercard CEO has become the first Indian-American to be elected as World Bank President. The Indian government also awarded Ajay Banga, who is from Pune, the Padma Shri in the field of trade and industry in 2016.
The World Bank said in a statement: “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process.”
Ajay Banga, 63, was nominated for the post by US President Joe Biden in late February. Joe Biden stated, “I want to congratulate Ajay Banga, my nominee for the next President of the World Bank, on his resounding approval by the Bank’s Board of Governors.”
Ajay Banga, an economist and former US Treasury employee in the Donald Trump administration, was the only candidate put forth to succeed outgoing World Bank head David Malpass.
The World Bank board members questioned Ajay Banga for four hours on Monday. According to sources, Ajay Banga received the World Bank board’s final clearance following a number of meetings in recent weeks.
On Wednesday, the Indian-American was chosen. The World Bank’s president, David Malpass, will remain in office until June 1.
The decision occurred in a vote by 24 of the board’s members, with Russia abstaining, instead of the normal consensus-based method, a person familiar with the process said.
