New Delhi: An Indian to head the World Bank. Ajay Banga, businessman and former CEO of MasterCard, will be the next president of the World Bank. The World Bank confirmed that Ajay Banga was elected as its president on Wednesday. This is the first time that a person of Indian origin has reached the head of the World Bank.
The decision was taken by the 25-member executive board that met on Wednesday. The selection came after World Bank board members held a four-hour interview with Banga on Monday. He was elected unopposed. The term is five years. He will take charge on June 2. The 63-year-old Banga was nominated as the president of the World Bank by US President Joe Biden.
In an open letter of support, 55 lawyers, academics, executives, veterans and former government officials endorsed the nomination for the World Bank presidency. Biden suggested Ajay Banga saying that he is a person capable of meeting the challenges of the times. Many Nobel laureates were among Banga’s supporters. David Malpass, the current president of the World Bank, announced his decision to step down a year ago.
Born in Pune, Banga completed her primary education from St. Edward’s School in Shimla in the 1970s. His father was an officer in the army. Singh graduated in Economics from St. Stephen’s College, Delhi University. Banga, an American citizen, was set to retire in December 2021 after nearly 12 years as the head of Mastercard Inc.
Banga has expertise in financial and technical fields. Banga, 63, has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc. In 2016, the country honored him with the Padma Shri.
