Ajay Banga, the newly appointed President of the World Bank, is set to embark on his first visit to India since assuming leadership of the global lender. As per a PTI report, Banga will be attending the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad, Gujrat. The state is hosting four meetings of G20 in the first two weeks of July.
Indian American Ajay Banga, 63, is the first person of color to lead the World Bank, one of the two global financial institutions -- the World Bank and the International Monetary Fund. The Executive Directors of the World Bank on June 2 selected Ajay Banga as the 14th President for a five-year term beginning June 2, 2023.
Earlier in February, US President Joe Biden announced that the US would be nominating Banga to lead the World Bank.
This would be Banga's first trip to India after he took over as the World Bank president.
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India currently presides over the G20, an intergovernmental forum comprising major developed and developing economies.
The G20 Finance Ministers and Central Bank Governors Meeting meeting in Ahmedabad will provide an opportunity for business representatives to share their perspectives, insights, and policy recommendations on various economic and business-related topics and will play a very significant role in shaping global economic agendas and policies, according to officials, reported PTI.
The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union (EU). Collectively, the G20 member countries represent 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world's population. As the foremost platform for international economic cooperation, the G20 plays a pivotal role in addressing global economic challenges.