Ajay Banga, an India-American and former Mastercard CEO, was named the World Bank’s 14th president, on Wednesday. His term, which starts on June 2, will last five years. Following a selection process agreed upon by shareholders in 2011, a 25-member executive board confirmed Banga for the position.
The World Bank has been led by Americans since its inception at the end of WWII. Banga has impressed shareholders in recent weeks as a “true change maker” who will help accelerate reforms at the global development bank, which is under pressure to increase lending to developing countries to help them address global challenges such as climate change and conflict.
The World Bank said in a statement: “The Board looks forward to working with Mr Banga on the World Bank Group Evolution process.”
Ajay Banga, was the lone nominee to succeed outgoing World Bank chief David Malpass, an economist and senior US Treasury official during the Trump administration.
On Monday, Ajay Banga was interviewed for four hours by World Bank board members. According to sources, Ajay Banga received final approval from the World Bank board following many meetings in recent weeks.
On Wednesday, the Indian-American was elected. David Malpass, the World Bank’s top executive, would remain in office until June 1.
