The World Bank Group’s executive board on Thursday said that it will consider only one nominee, US-backed former Mastercard CEO Ajay Banga, to be the next president of the institution, as no other candidates were nominated. The period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, March 29. Ajay Banga, an Indian-origin executive, was nominated by US President Joe Biden on February 23.
“The Board received one nomination and would like to announce that Mr. Ajay Banga, a U.S. national, will be considered for the position,” the global lender said. “In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course.”
On February 23, US President Biden announced that the US was nominating Ajay Banga, a business leader with extensive experience leading successful organisations in developing countries, to be President of the World Bank.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said. “He has spent more than 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.”
Biden said Banga has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.
Ajay Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.
Banga, who is now set to become the first Indian-American to head the World Bank, was recently scheduled to meet Prime Minister Narendra Modi and EAM S Jaishankar but he tested positive for Covid.
Born in the Pune city of Maharashtra, Banga holds a bachelor’s degree in Economics from St. Stephen’s College, Delhi University, and a PGP in Management from the Indian Institute of Management-Ahmedabad (IIM-A). In 2016, he was awarded Padma Shri – the fourth-highest civilian award in India.
