NEW DELHI: Indian-American businessman and former head of Mastercard Ajay Banga on Wednesday appointed as the President of the World Bank for a five-year term beginning June 2, 2023.
With this, Banga becomes the first person of Indian origin to head the prestigious international financial institution. The World Bank has always been spearheaded by an American since its inception at the end of World War 2. Banga, who was nominated by US President Joe Biden in February, was the sole nominee for the top post at the World Bank. He will take office on June 2, replacing David Malpass who had previously decided to step down before the expiry of his tenure.
Banga’s tenure starts at a time when there is recessionary fear in major economies with slowing global growth. “The Board looks forward to working with Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” said the World Bank in a statement.
Born in Pune and an alumnus of Stephen’s College (Delhi University) and the Indian Institute of Management (Ahmedabad), Banga has worked in top global companies such as Nestle, PepsiCo and Citi. His global recognition came when Mastercard in 2010 appointed him as president and chief executive officer. Banga most recently, served as Vice Chairman at General Atlantic.