The Executive Board of the World Bank has approved Ajay Banga as President. Interestingly, this is the former CEO of Mastercard. He was Chairman Emeritus of the International Chamber of Commerce, serving as Acting Chairman for 2020-2022, and co-founded the Cyber Readiness Institute and served as Vice Chairman of the Economic Club of New York.
“I sincerely congratulate Ajay Banga on his election as the president of the World Bank. Ajay Banga will bring to this important position the necessary leadership and management skills, experience of living and working in emerging markets, as well as knowledge in the financial sphere,” said the head of the US Treasury Department.
She also added that Ajay Banga is leading the World Bank at a critical moment in its existence:
“Ajay understands that the challenges we face – from tackling climate change, pandemics and fragility, to eradicating extreme poverty and promoting shared prosperity – are deeply interconnected.”
The candidacy for the position of the head of the World Bank is proposed by the President of the United States, and approved by the Bank’s Executive Board. Ajay Banga will take up his duties on June 2 and will replace David Malpass, who headed the SB for four years.