Ajay Banga of Indian origin will be the next President of the World Bank, will take over the post on June 2

Washington. Indian-American entrepreneur Ajay Banga was on Wednesday appointed unopposed as the next President of the World Bank. Giving information about Banga’s appointment, the World Bank said in a press release, “The Executive Directors of the World Bank today elected Ajay Banga as President for five years. His five-year term will begin on June 2, 2023.”
Banga, the former head of Mastercard Inc., currently serves as the vice chairman of General Atlantic. He is the first person of Indian origin to head either of the world’s top financial institutions – the World Bank and the International Monetary Fund (IMF). He was brought up in India only. The Government of India has also honored him with the Padma Shri award in the year 2016.
Last February, US President Joe Biden had announced the nomination of 63-year-old Banga to head the World Bank. Biden said that Banga is well qualified to lead the global organization at this critical moment in history. The World Bank said the Board of Directors looks forward to working with Banga on the World Bank Group development process. This development process was agreed upon in the meeting held in April. Apart from this, there is also a need to work together on efforts to deal with the difficult development challenges facing the developing countries.