Indian-Origin Ajay Banga Became The President Of World Bank

Indian-origin Ajay Banga has been appointed as the new President of the World Bank, marking a significant milestone in the institution's history. The appointment was announced by the World Bank's Board of Executive Directors on Wednedday.

In late February, US President Joe Biden proposed Banga, 63, as the lone candidate to succeed departing World Bank President David Malpass, an economist and former US Treasury representative during the Trump administration. Banga is a seasoned executive with over three decades of experience in the financial services industry. He has led Mastercard since 2010, and under his leadership, the company has undergone a significant transformation, expanding into new markets and investing heavily in technology.

Banga was interviewed by World Bank board members for four hours on Monday before the election. June 1 will be Malpass's last day working at the bank. Instead of the customary consensus-based procedure, the decision was made by a vote of 24 of the board members, with Russia abstaining, according to a source familiar with the proceedings.

"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the bank said, reported India Today.

Banga's appointment comes at a crucial time for the World Bank, which is facing several challenges, including the COVID-19 pandemic, climate change, and rising inequality. In a statement, Banga said that he was honored to have been chosen to lead the World Bank and pledged to work tirelessly to address these challenges.

Banga, who was born in Pune, India, and educated in India and the United States, has been a strong advocate for diversity and inclusion throughout his career. He is a founding member of the CEO Action for Diversity & Inclusion, a group of more than 1,000 CEOs committed to advancing diversity and inclusion in the workplace.

Meanwhile, the World Bank is an international financial institution that provides loans and grants to developing countries for infrastructure, education, health, and other purposes. It was established in 1944 and is headquartered in Washington, D.C.