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Ajay Banga confirmed as World Bank President

The Padma Shri recipient will replace David Malpass, who will step down early after his controversial remarks on the role of humans in climate change.

Ajay Banga (Image - World Bank)

Ajay Banga was named the World Bank's next president on May 3, 2023, thereby becoming the first Indian-American to lead the global financial institution. He will take office on June 2, 2023 for a five-year term, the bank said in an official statement.

"The Board looks forward to working with 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," the statement added.

Formerly the CEO of Mastercard Inc., Banga is currently vice chairman of General Atlantic. Born and raised in India, the Sikh American was the sole nominee for the job. President Biden nominated him due to his fine understanding of the opportunities and difficulties that developing nations face.

Congratulating his nominee on the appointment, Biden said,"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."

As Co-Chair of the Partnership for Central America, Banga has collaborated closely with Vice President Harris, who also congratulated him on Twitter. "Congratulations to Ajay Banga on his election as president of the World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together," she wrote.