2023-05-08 22:39:00
The World Bank has appointed Ajay Banga, a financial industry leader, to lead the institution for a five-year term, starting June 2, 2023. The decision was taken on Wednesday, May 3 by the directors of the World Bank and will start on June 2, 2023.
In a press release, the World Bank presented its future boss, noting that this American of Indian origin, was vice-president of General Atlantic, as he had previously held the position of president and general manager of Mastercard, a major organization. company of nearly 24,000 employees who, under his leadership, established the Center for Inclusive Growth to promote equitable and sustainable economic growth and financial inclusion worldwide.
He was also Honorary Chairman of the International Chamber of Commerce, which he led from 2020 to 2022, and a member of the Advisory Board of General Atlantic’s climate investment fund, BeyondNetZero, since its inception in 2021. He also served as Co-Chair of the Partnership for Central America, a coalition of private organizations aimed at improving the economic prospects of disadvantaged populations in El Salvador, Guatemala and Honduras. He had previously served on the boards of directors of the American Red Cross, Kraft Foods and Dow Inc, says the WB.
For the selection of Ajay Banga, the Executive Directors of the World Bank followed an open and transparent process, allowing each Executive Director to nominate any national of a Member State of the Bank. After reviewing applications and conducting in-depth interviews, the Trustees selected Ajay Banga to lead the institution.
Thus, the WB stressed that the Directors look forward to working with Banga to continue to evolve the World Bank and overcome the obstacles facing developing countries.
As President of the World Bank Group, Ajay Banga will also chair the Board of Directors of the International Bank for Reconstruction and Development (IBRD), the Board of Directors of the International Finance Corporation (IFC), the Board of Administration of the Multilateral Investment Guarantee Agency (MIGA) and the Administrative Council of the International Center for Settlement of Investment Disputes (ICSID).
Ajay Banga’s appointment comes at a crucial time for the World Bank, as the institution strives to respond to global challenges such as climate change, the COVID-19 pandemic and economic inequality.
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