Indian-Origin Ajay Banga Confirmed As Next World Bank President

Washington: The World Bank’s 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as its president, beginning June 2, Reuters reported.

The 63-year-old Indian-born finance and development expert will have the task of revamping the lender to tackle climate change and other global crises.

Banga was nominated by US President Joe Biden in late February to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.

After World Bank board members interviewed Banga for four hours on Monday, the decision came in a vote by 24 of the members, with Russia abstaining, instead of the usual consensus-based process, a source familiar with the process told Reuters.

“The Board looks forward to working with Mr Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the bank said.