Indian-American Ajay Banga sole nominee to lead World Bank

Washington: The World Bank has said that Indian-American Ajay Banga is the only candidate nominated for the President’s position as the nomination period closed on March 29.

The World Bank announced that Ajay Banga will be considered for the position.

In a press release issued on its website, the World Bank said, “The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, March 29 at 6:00 pm ET.”

The World Bank further said, “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 World Bank said that a formal interview will be conducted with the candidate in Washington DC.

The World Bank in a statement said that a formal interview will be conducted with the candidate. It 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.”

In February, US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank. In a statement, Biden noted that Ajay Banga is “uniquely” equipped to lead the World Bank at a critical moment in history.

Biden’s statement reads, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. 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. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”

In his statement, US President Joe Biden noted, “Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

Biden’s decision came after World Bank Group President David Malpass informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30.

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, according to the statement released by the White House.

Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is the honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.

Previously, Ajay Banga served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.

Previously, Ajay Banga has served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with US Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.

He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity, according to the statement released by the White House. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.

Ajay Banga was awarded 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 Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.