Indian American Ajay Banga is the new World Bank President

Indian American Ajay Banga has been selected as President of the World Bank for a five-year term, with an effect from June 2, 2023.

Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet. pic.twitter.com/8SwKQ4txVO

— World Bank (@WorldBank) June 2, 2023

Most recently, Banga was serving as Vice Chairman at General Atlantic. Earlier he had served as President and CEO of Mastercard. He has also worked for American Red Cross, Kraft Foods and Dow Inc. Banga has been credited to have co-founded The Cyber Readiness Institute and was also the Vice Chairman of the Economic Club of New York. He has the prestigious Foreign Policy Association Medal and has been decorated by the Padma Shri as well.

What are other roles of Ajay Banga now onwards?

The President of the World Bank Group is also the Chairman of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).