Indian-origin Ajay Banga confirmed as next World Bank president

Indian-origin Ajay Banga confirmed as next World Bank president

Daily Current Affairs   /   Indian-origin Ajay Banga confirmed as next World Bank president

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Category : Appointment/Resignation Published on: May 05 2023

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  • Ajay Banga, an India-American and a former Mastercard CEO, has been appointed as the World Bank's 14th president on Wednesday. 
  • His term, which begins on June 2, will last for the next five years. 
  • A 25-member executive board confirmed Banga for the post after following a selection process agreed by shareholders in 2011.
  • Since its establishment at the end of World War II, the World Bank has been led by Americans.
  • Ajay Banga, 63, was born in India and spent his early career there, has been a U.S. citizen since 2007. He most recently served as Vice Chairman at General Atlantic.
  • Ajay Banga is a finance and development expert and also served as Honorary Chairman of the International Chamber of Commerce from 2020-2022.
  • Banga received Padma Shri award in 2016, India's third highest civilian award. He was nominated for the post by the US President Joe Biden in late February.
  • As a President of the World Bank Group, Banga will also chair the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD). He will also be the ex officio chair of the Board of Directors of the International Development Association (IDA) and few other international boards.
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