World Bank Appoints Ajay Banga As 14th President
The World Bank has made it known that it has appointed Ajay Banga as its 14th President.
A statement by the bank disclosed that he was chosen by executive directors of the bank for a five-year term beginning 2 June.
Mr. Banga brings with him an impressive resume, having served as president and CEO of Mastercard, a global organization with nearly 24,000 employees, and as Honorary Chairman of the International Chamber of Commerce between 2020 and 2022.
Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.
He was also Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras.
According to the statement, the selection process for the World Bank President was open, merit-based, and transparent, with any national of the bank’s membership eligible for nomination.
As president of the World Bank, he will also serve as Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD), and ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank Group has set ambitious goals to tackle the toughest development challenges facing developing countries, and the board said it is confident that Mr. Banga is the right person to lead these efforts.
The board also said it looks forward to working with him on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s initiatives to promote sustainable economic growth and development worldwide.
Mr Banga has been awarded numerous honors throughout his career, including the Padma Shri Award by the President of India in 2016, and the Distinguished Friends of Singapore Public Service Star in 2021.
