Ajay Banga confirmed as next President of World Bank
Ajay Banga, who is of Indian origin, has been officially selected as the new President of the World Bank. The 25-member executive board of the World Bank elected Ajay Banga, who previously served as the CEO of Mastercard, to hold the position for a period of five years, starting from June 2.
Ajay Banga confirmed as next President of World Bank: Key Points
- The World Bank’s Board expressed their eagerness to work with Mr. Ajay Banga on the organization’s evolution process.
- The nomination of Ajay Banga for this post was made by US President Joe Biden in February.
- Joe Biden congratulated Mr. Banga and praised him as a leader who would bring transformation, expertise, experience, and innovation to the World Bank’s presidency.
- Joe Biden added that Ajay Banga, along with World Bank leadership and shareholders, will play a crucial role in steering the institution as it develops and expands to address global challenges, particularly climate change, which directly impact the World Bank’s fundamental goal of reducing poverty.
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Ajay Banga’s Selection Process as World Bank President
Ajay Banga was selected as the only candidate to take over from David Malpass, who was the outgoing World Bank chief and a former US Treasury official in the Donald Trump administration. Ajay Banga underwent a four-hour interview with the World Bank board members, and after several meetings in recent weeks, he received the board’s final approval.
The Indian-American was elected and David Malpass would continue to serve until June 1. The decision was made through a vote by 24 board members, with Russia abstaining, which is different from the usual consensus-based process.
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