The Executive Directors of the World Bank have chosen Ajay Banga to be the President of the organization starting on June 2, 2023, and he will serve in this position for five years.
This was revealed in a press release by the World Bank with the number 2023/077/SEC released on May 3, 2023.
Before this appointment, Ajay Banga held the position of Vice Chairman at General Atlantic, and before that, he was the President and CEO of Mastercard, which is a large global company that employs nearly 24,000 individuals.
According to the press release, “Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.”
At the beginning of 2021, Ajay Banga started working as an advisor for General Atlantic’s climate-focused fund called BeyondNetZero. He also served as Co-Chair for the Partnership for Central America, a group of private organizations that aim to improve economic opportunities for underserved populations in El Salvador, Guatemala, and Honduras. In the past, he held board positions with the American Red Cross, Kraft Foods, and Dow Inc.
Ajay Banga played a key role in founding The Cyber Readiness Institute and also held the position of Vice Chair at the Economic Club of New York. He was the recipient of several prestigious awards, including the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
According to the press release, “The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.”
It was also reported that during the Spring Meetings held in April 2023, it was mentioned that the Board is eager to collaborate with Mr. Banga on the World Bank Group’s Evolution initiative. This involves the organization’s various goals and endeavors that are aimed at addressing the most difficult development issues faced by developing countries.
