India-origin Ajay Banga is appointed 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 2 June.
According to a statement from the World Bank, “The Board looks forward to working with Mr. Banga on the world Bank group Evolution process.”
US President Joe Biden proposed Ajay Banga, 63 for the position in late February. Joe Biden issued the following statement: ” 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 will be transformative leader who will bring knowledge, wisdom, and innovation to the job of World Bank President, said Joe Biden.
In addition, he will work with World Bank shareholders and leadership to guide the organisation as it develops and grows to address issues like climate change that directly impacts its primary goal of reducing poverty.
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 chief David Malpass.
The World Bank board members interviewed Ajay Banga for four hours on Monday. According to sources, Ajay Banga received the World Bank board’s final clearance following a number of meeting in recent weeks.
On Wednesday, the Indian American was chosen. The World Bank’s President, David Malpass would remain in office until June 1.
Rather than following the customary consensus-based procedure, the decision was made by a vote of 24 of the board’s member, with Russia abstaining.
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