The 25-member executive board of the World Bank on Wednesday elected former Mastercard CEO Ajay Banga as president for the term of the next 5 years. As per sources, Banga will be taking charge on June 2, bringing in the specialist in finance and development to restructure the lender to address climate change and other global challenges.The board of the bank expressed excitement about working with Mr. Banga on the World Bank Group Evolution process in a statement issued shortly after his appointment.Notably, Banga was the only candidate to succeed retiring World Bank president David Malpass when he was nominated by US President Joe Biden in February. Malpass is an economist who served in the Trump administrations US Treasury.According to the information, Banga has visited with representatives from 96 governments, the source claimed. He travelled a total of 39,546 miles over a three-week globe tour, stopping in eight nations to meet with corporate executives, political figures, and civil society organisations.The World Bank has been directed by an American since its founding at the end of World War Two, but the International Monetary Fund is headed by a European. Banga, who was born in India and started his career there, has been an American citizen since 2007.Biden on Bangas electionUS President Joe Biden congratulated Ajay Banga on receiving the Board of Governors of the World Banks unanimous approval. Banga will be a “transformative leader,” according to him, “bringing expertise, experience, and innovation to the position of World Bank President.” He continued by saying that Banga will be crucial in bringing the public and commercial sectors together with philanthropies in order to bring about the fundamental reforms in development financing that are currently necessary. Additionally, Biden stated that he is eager to collaborate with Ajay Banga in his new position and to support his initiatives to transform the World Bank.Ajay Banga, as leaderAjay Banga was raised in Pune, Maharashtra, and has a bachelors in economics from St. Stephens College and a PGP in management from the Indian Institute of Management-Ahmedabad (IIM-A). He received the Padma Shri, the fourth-highest civilian honour, from the Indian government in 2016.Banga started his career by joining the Indian subsidiary of Nestle in India in the early 90s. General Atlantic LP, a US investment company, employs Banga as vice chairman. Before that, he worked for Mastercard for ten years as president and CEO. At Citigroup Inc., he also held several positions, including that of CEO for the Asia-Pacific region.Banga was a member of President Obamas Commission on Enhancing National Cybersecurity and a co-founder of The Cyber Readiness Institute. The US Presidents Committee on Trade Policy and Negotiations included him among its members.Ajay Banga to Tackle Global warmingWith immense experience in both development and finance. He will be crucial to the World Banks efforts to combat climate change. In order to combat climate change, he is also anticipated to draw in private investment.Kamala Harris congratulates Ajay BangaKamala Harris, the Vice President of United States congratulated Ajay Banga on being elected as the President of the World Bank. Harris appreciated Banga for his past work and called him an incredible partner in Central America.Appreciating his work, Harris tweeted, “Congratulations to Ajay Banga on his election as President of World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together.”Congratulations to Ajay Banga on his election as President of the World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together.— Vice President Kamala Harris (@VP) May 3, 2023
