World Bank Ajay Banga selected 14th President of the World Bank
WASHINGTON, May 3 (KUNA) -- The Executive Directors of the World Bank selected on Wednesday Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.
Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.
Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.
He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.
He became an advisor to General Atlantic's climate-focused fund, BeyondNetZero, at its inception in 2021.
Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras.
He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York.
He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding's Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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.
Meanwhile, a statement from President Joe Biden on the selection of Ajay Banga congratulating him on the new post.
"I want to congratulate Ajay Banga - my nominee for the next President of the World Bank, on his resounding approval by the Bank's Board of Governors.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President.
And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction-including climate change," Biden said.
"Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.
I look forward to working with Ajay in his new role and to supporting his efforts to transform the World Bank, which remains one of humanity's most critical institutions to reduce poverty and expand prosperity around the globe," Biden added. (end) rsr.mb.
