Indian-American businessman Ajay Banga is almost certain to become the next President of the World Bank unopposed. The World Bank has said that only Banga’s name has come up for this post. Prior to his formal appointment, Banga will be interviewed by the World Bank’s Board of Executive Directors. The Bank has not yet announced the timing of the interview.
US President Joe Biden said in February that the US was nominating Ajay Banga to head the World Bank as he was “absolutely qualified” to lead the global institution at “this critical moment in history”. The deadline for nominations for the next President of the World Bank ended on Wednesday.
During this, no name came in comparison to 63-year-old Banga. “The board has received one nomination and we would like to announce that US citizen Ajay Banga will be considered for the position,” the World Bank said in a statement.
It is believed that the new head of the World Bank will be appointed by the beginning of May. Banga, a former Mastercard chief, currently serves as vice chairman at General Atlantic. He was awarded the Padma Shri in 2016.
With the approval of the World Bank’s board of directors, Banga will become the first Indian-American and American-Sikh to head the world’s two top financial institutions. Banga has also previously served as the chairman of the International Monetary Fund (IMF).
