Ajay Banga Selected 14th President of the World Bank
The Executive Directors of the World Bank on 3 May 2023 elected Indian-American Ajay Banga as the 14th President of the World Bank for a five-year term beginning on 2 June 2023. Chosen as
Significantly, since the establishment of the World Bank, only an American citizen has been its president, while the International Monetary Fund has been headed by a European.
Ajay Banga
- Banga, who was born in India and spent his early career there, has been a US citizen since 2007. Ajay Banga most recently served as Vice President at General Atlantic.
- Previously, he was President and CEO of Mastercard, a global organization with approximately 24,000 employees.
- He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor in 2019 and the Business Council for International Understanding Global Leadership Award.
President of the World Bank –
- The President of the World Bank is selected through an open, merit-based and transparent process, where a citizen of any member country of the World Bank may be proposed by the Executive Director or Governor through the Executive Director.
- The President of the World Bank Group is also the Chairman of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD).
- The President of the World Bank Group is also the ex-officio Chairman of the Board of Directors of the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International for Settlement of Investment Disputes (ICSID).
Source – World Bank
