Ajay Banga, former CEO of Mastercard, has been elected as the new president of the World Bank for a five-year term. He was nominated by US President Joe Biden and was the sole contender to replace David Malpass. Banga, an Indian-born finance and development expert, aims to revamp the lender to tackle climate change and other global crises. He will start his new job on June 2 and will play a critical role in pushing forward with additional reforms, including forging partnerships between the public and private sectors and nonprofit groups.
Ajay Banga, former Mastercard CEO and US citizen of Indian origin, has been elected to lead the World Bank, becoming the first-ever Indian American to head the bank. He will replace David Malpass and begin his five-year term on 2 June. The US and other wealthy nations have been pushing the bank to increase its lending to fight climate change, but many developing nations are worried the focus on climate change will divert attention away from its anti-poverty efforts. As president of the World Bank, Mr Banga will have to address these issues - all without any clear additional money on the table.
Ajay Banga, former Mastercard executive, has been elected as the next president of the World Bank, succeeding David Malpass. Banga's five-year term will begin on June 2, and he will oversee the bank's efforts to help low-income countries overcome debt and combat climate change. The bank is pivoting to become a dominant player in climate finance, but shareholders are not eager to spend trillions of dollars on these priorities. Banga's selection was not unanimous, with Russia abstaining from the vote.
Ajay Banga has been selected as the 14th President of the World Bank for a five-year term beginning June 2, 2023. He most recently served as Vice Chairman at General Atlantic and was previously President and CEO of Mastercard. The selection process was open, merit-based, and transparent, and included thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors. The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.
Ajay Banga, former CEO of Mastercard, has been confirmed as the new president of the World Bank, succeeding David Malpass. Banga, who was raised in India, brings deep experience with developing economies and financial expertise to the global institution. His appointment comes at a critical moment of transition for the World Bank, which is facing urgent questions about its lending model, climate change, poverty, and the war in Ukraine. Banga will face a challenging diplomatic environment, trying to satisfy the climate ambitions of the United States while maintaining the bank’s focus on development.
Former Mastercard CEO Ajay Banga is set to become the next president of the World Bank, as he was the only candidate nominated in the search to replace current president David Malpass. Banga, who has over 30 years of business experience, is the first Indian-born nominee to the role. The World Bank is under pressure to do more to help poor countries finance projects to combat and prepare for climate change without saddling them with heavy debts, and critics say it needs to do a better job of tackling problems that cross borders such as providing pandemic surveillance and backing broad vaccination programs.
Former US Treasury Secretary Janet Yellen has expressed her expectation that Ajay Banga, former CEO of Mastercard, will be elected as the next president of the World Bank. The position has been vacant since the resignation of David Malpass in April 2019.
Ajay Banga, the US nominee to lead the World Bank, is set to meet with Indian Prime Minister Narendra Modi and other officials during his visit to India. Banga has been on a global tour to discuss development and climate needs with donor and borrowing countries. He has won the support of enough governments to virtually assure his confirmation as the next World Bank president. The World Bank will accept nominations from other countries until March 29, but no competitors have been announced.
