Indian Origin Ajay Banga Is The New World Bank President
Ajay Banga has been chosen by the Executive Directors of the World Bank to serve as the President of the institution for a period of five years starting from June 2, 2023.
Prior to his current position as Vice Chairman at General Atlantic, Ajay Banga held the role of President and CEO at Mastercard, a multinational corporation employing close to 24,000 individuals. During his tenure, he established the Center for Inclusive Growth at Mastercard, which promotes fair and sustainable economic development and access to financial services worldwide.
Ajay Banga held the position of Honorary Chairman of the International Chamber of Commerce, where he served as Chairman from 2020 to 2022. He joined General Atlantic’s climate-focused fund, BeyondNetZero, as an advisor when it was established in 2021. Additionally, he served as Co-Chair of the Partnership for Central America, a group of private organizations committed to promoting economic opportunities for underrepresented populations in El Salvador, Guatemala, and Honduras. Previously, he sat on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
In addition to his other accomplishments, Ajay Banga played a crucial role in founding The Cyber Readiness Institute and held the position of Vice Chair at the Economic Club of New York. He has been honored with several accolades, including the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor, and the Global Leadership Award by the Business Council for International Understanding in 2019. Most recently, in 2021, he received the Distinguished Friends of Singapore Public Service Star Award.
In adherence to the selection process established by shareholders in 2011, the Executive Directors of the World Bank followed an open, merit-based, and transparent nomination process. Any citizen of a member country of the Bank could be nominated by an Executive Director or Governor through an Executive Director. After this initial step, a rigorous due diligence process was conducted, followed by a comprehensive interview of Mr. Banga by the Executive Directors.
The Board eagerly anticipates collaborating with Mr. Banga on the World Bank Group Evolution process, which was discussed at the Spring Meetings in April 2023, as well as on the institution’s broader efforts to address the most pressing development challenges faced by developing countries.
In addition to being the head of the World Bank Group, the President also serves as the Chair of the Executive Directors Board of the International Bank for Reconstruction and Development (IBRD). The President was a part of different associations. He served as the ex officio Chair of the Board of Directors for the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).