Former Mastercard CEO, Ajay Banga, set to become next World Bank President
According to a statement released by the World Bank in Abuja on Friday, Ajay Banga, a US citizen, has been confirmed as the only nominee for the position of the next President of the World Bank Group by the Board of Executive Directors. The nomination period, which began on February 22, 2023, closed on Wednesday at 6:00 pm ET, and no other country has proposed an alternative candidate for the prestigious post. The Board will now conduct a formal interview with Banga in Washington D.C., and it expects to conclude the Presidential selection process in due course.
In February, US President Joe Biden nominated Banga to lead the World Bank, citing his qualification to lead the global institution at this critical moment in history. Banga, who was born in India and is a naturalized US citizen, is currently serving as Vice Chairman at General Atlantic. If confirmed, he would become the first-ever Indian-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Banga is expected to succeed the current World Bank president, David Malpass, who will step down in June, almost a year before his term is scheduled to expire. Malpass faced strong criticism over the bank’s commitment to climate action and his personal views on climate change.
