Indian-American business leader, Ajay Banga is set to become the next president of the World Bank (WB), which was announced earlier this week. Ajay Banga is the sole nominee for the position as no other candidates were nominated.
Before he is formally appointed, he will be interviewed by the World Bank’s Board of Executive Directors.
In February, President Joe Biden announced that the US would be nominating him to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
A month-long period for nominations for the World Bank’s next president was closed on Wednesday, but 63-year-old Banga was the only candidate named. Banga is the only application received for the position of president of the World Bank, the financial institution said.
“The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position,” the bank said.
Ajay Banga, the former CEO of Mastercard Inc., is now Vice Chairman of General Atlantic.
A new World Bank president is expected to be appointed by early May. The date and time of the interview have not been announced by the bank.
“Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden’s nominee will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.
“He will be charged with accelerating our progress to evolve the institution to better address 21st-century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
If elected, Ajay Banga would lead the International Monetary Fund and the World Bank and will make history as the first Indian-American and Sikh-American to hold either position.
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