Ajay Banga from India becomes the 14th President of the World Bank

Ajay Banga from India becomes the 14th President of the World Bank

WASHINGTON, May 3 (VOICE) Indian-American Ajay Banga was elected President of the World Bank on Wednesday for a five-year term starting June 2nd.

“The Board looks forward to working with Mr. Banga,” the World Bank Board said in a statement.

Banga was the nominee of U.S. President Joe Biden, who has elected all World Bank presidents since 1944 under written agreement with Europe, according to which Europe was the owner of the International Monetary Fund (IMF). He will elect a president and leave the World Bank. Top jobs in the US.

They still go through the recommendation and “selection” process, but this is really a tool to give confirmation.

Banga becomes the 14th President of the World Bank. He will replace David Malpass, who was nominated by former President Donald Trump.

Banga was born in Pune, Maharashtra and attended school in Shimla and Hyderabad. He graduated in Economics from St. Stephen’s College, Delhi and holds a Master’s Degree in Business Administration from the Indian Institute of Management, Ahmedabad.

“Ajay Banga will be a transformative leader, bringing his expertise, experience and innovation to the position of World Bank President,” Biden said in a statement.

“And, along with the leadership and shareholders of the World Bank, he will continue to support the institution as it evolves and expands to address global challenges that directly impact its core missiona of poverty reduction, including climate change. Ajay will also play an integral role in ushering in the fundamental change in development finance needed in this moment, connecting the public and private sectors with philanthropic endeavors.”

U.S. Treasury Secretary Janet Yellen said in a separate statement, “Ajay Banga brings the right leadership and management skills, experience living and working in emerging markets, and financial expertise to this important role. I will lead the World Bank at a critical time.” history. Ajay understands that the challenges we face, from combating climate change, pandemics and fragility, to ending extreme poverty and boosting shared prosperity, are deeply intertwined. Over the course of his candidacy, he has effectively built a broad global coalition around his vision for the World Bank. ”

Banga most recently served as Vice Chairman of General Atlantic. Previously, he was President and CEO of Mastercard. He also participates on several committees. He was co-founder of The Cyber ​​Readiness Institute and Vice President of the Economic Club of New York.

Banga is the recipient of the Foreign Policy Institute Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and is an Honors Fellow of the Singapore Public Service Star. was awarded. 2021 years.