Indian-American business leader Ajay Banga on Wednesday became the President of the World Bank. The World Bank said in a statement that it looks forward to working with him on the World Bank Group development process.
“The Executive Directors of the World Bank today elected Ajay Banga as President of the World Bank for a five-year term beginning on June 2, 2023,” the bank said in a press statement.
Banga was announced as the candidate for the post of President of the World Bank US President Joe Biden earlier this year in February Because he is ‘well equipped’ to lead the global body at ‘this critical moment in history’.
“The Board looks forward to working with Mr. Banga on the World Bank Group development process, as discussed at the April 2023 Spring Meetings, and on all of the World Bank Group’s ambitions and the toughest development challenges facing developing countries on efforts to deal with.” Statement added. The former head of Mastercard Inc., Banga currently serves as Vice Chairman at General Atlantic.
Banga is the first Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank. President Biden had said that having grown up in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how they can meet their ambitious agenda to reduce poverty and expand prosperity.
He has also worked closely with Vice President Harris as co-chair of the Partnership for Central America. He was awarded the Padma Shri in 2016. Banga is expected to take the reins of the anti-poverty lender at a critical time, with the US and Western nations pushing for reforms to focus on addressing a range of wider global issues. Climate change.
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