On May 3, the 25-member executive board of the World Bank appointed Ajay Banga, a former CEO of Mastercard, as the president for a period of five years starting from June 2.
As an Indian-born finance and development specialist, Banga has been tasked with revitalizing the organization to confront challenges such as climate change and other worldwide crises.
Ajay Banga was nominated for the presidency of the World Bank by US President Joe Biden in late February.
Banga is "uniquely equipped to lead the World Bank at this critical moment in history", US President Joe Biden said in a statement, adding that he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change."
Banga was the only candidate considered to succeed David Malpass, an economist and former US Treasury official during the Trump administration, who was stepping down from the position.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He was awarded the Padma Shri in 2016.
Also Read: Who is Ajay Banga? 10 things to know about US' nominee for World Bank chief
(With agency inputs)
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