Ajay Banga is the new director of the World Bank

Ajay Banga is the 14th president of the World Bank, the bank said in a statement.

In the statement, it was stated that the Board of Executive Directors of the World Bank elected Ajay Banga as President of the World Bank for a term of five years from June 2.

Emphasizing that the board followed the selection process decided by the bank’s shareholders in 2011, it was stated that the process was open, based on merit and transparent.

In the statement, it was noted that the Board looks forward to working with Banga on the World Bank Group’s development process, as discussed at the IMF/World Bank Spring Meetings in April, and on all of its objectives and efforts aimed at address the most challenging development challenges facing developing countries.

HE WAS THE CEO OF MASTERCARD

In the statement, which noted that Ajay Banga recently served as vice president of General Atlantic, it was recalled that Banga was the president and chief executive officer of Mastercard, which had approximately 24,000 employees. In the statement, it was stated that Mastercard has established the Center for Inclusive Growth, under Banga’s leadership, to promote fair and sustainable economic growth and financial inclusion around the world.

Noting that Banga was also an honorary president of the International Chamber of Commerce between 2020 and 2022, it was noted that he also acted as a consultant on the start of General Atlantic’s climate-focused fund, BeyondNetZero, in 2021.

Banga also serves as co-chair of the Partnership for Central America coalition, which consists of private organizations working to improve economic opportunity for underserved populations in El Salvador, Guatemala, and Honduras.

In the statement, which stated that Banga previously served on the boards of the American Red Cross, Kraft Foods and Dow Inc., it was reported that he is one of the founding members of the Cyber ​​Readiness Institute and vice president of the Economic Club. from New York.

In the statement, Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honor in 2019 and the Global Leadership Award for International Understanding of Business. Council, and Distinguished Friends of the Singapore Civil Service Star in 2021. supposedly awarded.

BIDEN: BANGA WILL BE A TRANSFORMATIONAL LEADER

US President Joe Biden, in a written statement after Banga’s election as the new World Bank President, stated that Banga will be a transformational leader bringing knowledge, experience and innovation to the role of World Bank President.

Noting that Banga will help guide the World Bank in addressing global challenges that directly affect its core mission of reducing poverty, including climate change, Biden stressed that he looks forward to working with Banga in his new role and supporting the World Bank’s efforts to transform .

World Bank President David Malpass announced in February that he was stepping down from his four-year post.

Following Malpass’s decision, US President Joe Biden announced that he had nominated Ajay Banga for the World Bank presidency. (AA)