Indian-Origin Ajay Banga Confirmed As Next World Bank President

Ajay Banga was nominated for the post by U.S. President Joe Biden in late February and was the only contender to replace departing World Bank chief David Malpass.

Ajay Banga ( Image Source :Getty Images )

New Delhi: The World Bank on Wednesday confirmed Ajay Banga was selected as its next president, taking charge at a pivotal time for the development lender as it looks to better address climate change, news agency AFP reported.

"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the bank wrote in a statement that was published shortly after the board voted to approve Banga’s leadership for a five-year term. He will take over the role from David Malpass on June 2.

It is to be noted that 63-year-old Ajay Banga was nominated for the post by U.S. President Joe Biden in late February and was the only contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official during the Trump administration.

Ajay Banga, the former CEO of Mastercard Inc., is currently the Vice Chairman of General Atlantic. Before Mastercard, Banga worked for more than a decade at Citigroup and at Nestle in India. He also spent two years at Pepsico, where he was instrumental in launching Pepsico's international fast food franchises in India.

Born and raised in India, he has a particular understanding of the opportunities and difficulties that face developing nations, as well as how the World Bank can carry out its ambitious objective to decrease poverty and increase prosperity, President Biden had earlier said.

In his capacity as Co-Chair of the Partnership for Central America, he has worked closely with Vice President Harris. In 2016, Ajay Banga received the Padma Shri Award.

According to a report by news agency Reuters, Ajay Banga had impressed shareholders in recent weeks as a "true change maker" who will help boost reforms at the World Bank that is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.

U.S. Treasury Secretary Janet Yellen last month told Reuters that she is insisting that the next steps in the World Bank's evolution be taken "on a rolling basis", after the bank's board approved an initial set of reforms at its spring meetings.