Ajay Banga, With A Indian-Origin To Be Elected As The New President Of The World Bank With A 5 Year Term
The 25-member executive board of the World Bank elected Ajay Bango as their five-year term president. He was also the former CEO of Mastercard. He will start his presidency term on 2 June, ushering as an Indian-born finance and development expert, and will be working towards revamping the lender. This will help to tackle many global crises, such as climate change.
US President Joe Biden proposed Ajay Banga, 63, for the position in late February. He was also the sole contender for replacing the departing chief of the World Bank, David Malpass. He was an economist and a former US Treasury official during the administration of Trump.
Ajay Banga has stated that he has met with 96 government officials since he got nominated. He has also visited about eight countries during his three-week world tour, where he met all government officials, civil society groups, and business leaders while flying 39,546 miles. America has been the leading world bank since it was founded at the end of World War Two. On the other hand, the International Monetary Fund is led by Europe.
Ajay Banga was born in India and spent a lot of his time at the beginning of his career in the Us and has been a US citizen since 2007. US President Joe Biden congratulated Ajay Banga on his decision to run the World Bank. He also described that one of the most critical institutions of humanity is to expand prosperity and reduce poverty all around the globe.
He also said a few words about Ajay Banga, that he would be a transformative leader and bring experience, innovation and expertise to his position at the world bank. He will help steer the institution as the institution is expanding and evolving to address various challenges on a global level that will be directing affecting the core mission of the Worl Bank, which is the reduction of poverty, which also includes climate change.
Janet Yellen, the Treasury Secretary, stated that Ajay Bange would bring the right management skills and leadership to their job and will be playing a critical role in pushing forwards the additional reforms that will include a forging partnership between the private and public sectors and nonprofit groups.
She also added to her statement that Ajay Banga has a good understanding of all of the challenges we face that vary from confabbing with pandemics, climate change and fragility in eliminating extreme poverty levels and promoting shared prosperity and all of the challenges intertwining with each other. Throughout his candidacy, he has built an effective broad global coalition around his vision for the World Bank.
The World Bank stated that the board of the World Bank is looking forward to working with Mr Ajay Banga on the World Bank Group Evolution Process, as it was discussed at the April 2023 Spring Meetings and also on all of the ambitions and efforts of the World Bank Group which are aimed towards tackling the toughest challenges of developments faced by many developing countries.