US national and former Mastercard Inc. chief, Ajay Banga, has been announced as the sole nominee for the position of the next President of the World Bank by the bank’s Board of Executive Directors.
This comes after US President Joe Biden nominated him for the position in February.
In a statement issued on Friday, the World Bank confirmed Banga’s selection for the prestigious post, adding that he will be considered for the position.
The bank also noted that the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C. in accordance with established procedures.
“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position,” the statement read.
If 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. Currently, he serves as Vice Chairman at General Atlantic.
Banga, who is 63 years old and was born in India, is expected to replace the current World Bank president, David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
Speaking about the nomination, Banga expressed his gratitude and excitement for the opportunity. “I am deeply honored and humbled by the nomination for the position of the President of the World Bank Group. The World Bank Group has a critical role to play in supporting countries to navigate the challenges and opportunities of the 21st century,” he said.
He also shared his vision for the future of the World Bank, emphasizing the importance of partnerships and collaboration in addressing global challenges. “I believe that partnerships, collaboration and innovation are essential to ensure that the World Bank Group can deliver the most effective solutions to the development challenges of our time,” he added.
The World Bank is an international financial institution that provides loans, grants, and other financial services to countries around the world. Its mission is to reduce poverty, promote economic growth, and improve the living standards of people in developing countries.