24 Feb 2023

Ajay Banga Nominated For World Bank President Post By US President Joe Biden

Washington: The US President has nominated former Mastercard CEO Ajay Banga for the post of World Bank President. US President Joe Biden gave this information on Thursday. 

David Malpass, the current head of the World Bank, has announced his resignation a year before the completion of his term. The President of the World Bank is usually American, while the head of the International Monetary Fund (IMF) is traditionally European.

Ajaypal Singh Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was president and CEO of Mastercard. Banga is an Indian-American and he was awarded the Padma Shri in 2016. Ajay Banga is an alumini of IIM Ahmedabad.

Month long confirmation process will begin

The nomination will initiate a months long confirmation process before a final decision by the World Bank’s board. It is not clear if any other countries will nominate a candidate. The World Bank president is traditionally an American citizen chosen by the United States.

Traditionally, the person the US nominates as president is approved by the bank's board of executive directors. The term of the president is five years.

According to a statement by the US President, Banga has spent over three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.

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