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Ajay Banga Selected 14th President of the World Bank

Executive Directors of the World Bank have elected Ajay Banga as President of the World Bank


Ajay Banga World Bank : The World Bank’s 25-member executive board on Wednesday elected former MasterCard CEO Ajay Banga as president for a five-year term effective June 2, the bank said, bringing in an Indian-born finance and development expert charged with overhauling the lender’s approach. Climate change and other global crises.

the Executive Directors of the World Bank have elected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.

Ajay Banga recently served as Vice Chairman of General Atlantic. Previously, he was president and CEO of MasterCard, a global organization with approximately 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.

Ajay Banga World Bank

ajay banga world bank : He is 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 launch in 2021.

Banga served as vice president of the Partnership for Central America, a coalition of non-governmental organizations working to advance economic opportunity among underserved populations in El Salvador.

Guatemala and Honduras. He previously served on the boards of the American Red Cross, Kraft Foods and Dow Inc.

Ajay Banga was a co-founder of the Cyber Readiness Institute and Vice Chairman 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 Global Leadership Award of the Business Council for International Understanding in 2019 and Distinguished Friends of the Singapore Public Service. star in 2021.

The executive directors follow the selection process agreed by the shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be nominated by the Executive Director or the Governor through an Executive Director. This was followed by a thorough due diligence by the Executive Directors and an extensive interview of Mr. Banga.

ajay banga world bank : The Board looks forward to working with Mr. Bang on the World Bank Group evolution process, as discussed at the April 2023 Spring Meeting, and on all World Bank Group ambitions and efforts to address the most pressing development challenges facing developing countries.

The President of the World Bank Group is also the Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD).

The President is the ex-officio Chairman of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the Administrative Council of the International Center for Settlement of Investments. Dispute (ICSID).

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