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The World Bank has announced that Ajay Banga, an Indian-American business leader, will be the next president of the organization.
Banga, who is set to take over on June 2, 2023, has been appointed for a five-year term. He was nominated by US President Joe Biden in February 2023, and his appointment was confirmed by the World Bank’s executive directors. Banga is currently serving as the vice-chairman at General Atlantic and previously served as the CEO and president of Mastercard Inc. He is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions, the International Monetary Fund and the World Bank.
In his new role, Banga will bring his unique perspective and experience to the World Bank’s ambitious agenda to reduce poverty and expand prosperity. His appointment is significant, not just for his accomplishments as a business leader, but also for the diversity and representation he brings to the role.
The World Bank has said that it looks forward to working with Banga on the World Bank Group Evolution process and all the bank’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries. Banga is set to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations advocating for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
Overall, Banga’s appointment as the World Bank President is expected to guide the organization through some of the toughest development challenges facing developing countries. His expertise, experience, and unique perspective are likely to prove invaluable in this regard.