Indian-Origin Ajay Banga To Be the Next World Bank President

Zaheer Hussain
May 6, 2023
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Indian descent The appointment of Ajay Banga as the World Bank’s new president has been approved. The 25-member executive board of the World Bank chose a former Mastercard CEO to serve as president for a five-year term Sunday night. The finance and development expert, who was born in India, was tasked with modernizing the lender to address climate change and other global challenges. The 63-year-old Banga was the sole candidate to succeed departing World Bank director David Malpass, an economist, and former US Treasury official who worked in the Trump administration and was nominated for the position by US President Joe Biden in late February. On June 2, he will begin his new position.

Why In The News?

Ajay Banga, An India-American And A Former Mastercard CEO Has Been Appointed As The World Bank’s 14^th President On Wednesday. His Term, Which Begins On June 2, Will Last For The Next Five Years.

World Bank Group:

It Was Established Along With The International Monetary Fund At The 1944 Bretton Woods Conference.
After A Slow Start, Its First Loan Was To France In 1947.
The World Bank Group Is An Extended Family Of Five International Organizations, And The Parent Organization Of The World Bank, The Collective Name Given To The First Two Listed Organizations, The IBRD And The IDA:
International Bank For Reconstruction And Development (IBRD)
International Development Association (IDA)
International Finance Corporation (IFC)
Multilateral Investment Guarantee Agency (MIGA)
International Centre For Settlement Of Investment Disputes (ICSID)

Key Members

Ajay Banga, US Nominee To Lead The World Bank:

A 25-Member Executive Board Confirmed Banga For The Post After Following A Selection Process Agreed upon By Shareholders In 2011.
Since Its Establishment At The End Of World War II, The World Bank Has Been Led By Americans.

Who Is Ajay Banga?

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. He Has Been The Sole Contender To Replace Departing World Bank Chief David Malpass.
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.
Banga Has Met With Officials From 96 Governments Since His Nomination And Visited Eight Countries During A Three-Week World Tour To Meet With Government Officials, Business Leaders, And Civil Society Groups, Flying A Total Of 39,546 Miles.
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 a Few Other International Boards.

India & Indian Blood Leading The World:

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