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June 3, 2023
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Corruption Radar

World Bank To Get First Indian-American President As US Nominates Ajay Banga

The board of World Bank has confirmed the nomination of an India- American, Ajay Banga as the only nominee for the post of the bank’s next president.

Banga, 63, was born in India and is a naturalized U.S. citizen.

He will be replacing David Malpass, the 13th World Bank president who is stepping down from the role a year earlier.

Appointed by former US President Donald Trump in 2020, Malpass was under severe criticism for anti-climate comment he made last year.

Following his decision President Joe Biden in February announced that the US would be nominating Banga to lead the World Bank, noting that he is uniquely equipped to lead the global institution at this critical moment in history

The World Bank on Friday confirmed in a statement that Banga was the only candidate whose nomination was received, and by the already established procedures, he will be considered for the position.

The statement reads “The World Bank Group’s Board of Executive Directors today confirmed that, as announced on 22 February, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET (eastern time zone).

“The Board received one nomination and would like to announce that Ajay Banga, a U.S. national, will be considered for the position.

“Following established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the presidential selection in due course.”

Banga ran payments company, Mastercard for more than a decade between 2010 and 2021 and has also served on the boards of the American Red Cross, Kraft Foods, and Dow Inc.

The US national is currently the vice chairman at private equity firm General Atlantic.

When confirmed, Banga would become the first-ever Indian-American to head either of the two top international financial institutions, the International Monetary Fund and the World Bank.

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