Ajay Banga has been nominated by US President Joe Biden to lead the World Bank as the President of the World Bank Group. Ajay Banga is an Indian-American business executive who was the CEO of Mastercard from 2010 to 2020.
He has also been a member of the US-India CEO Forum and the US-India Business Council.
Banga was recognized as one of Fortune’s top 10 CEOs in 2015 and has received numerous other awards for his leadership in the business world.
The position of World Bank president has traditionally been held by an American, and Banga’s nomination is seen as part of Biden’s efforts to diversify leadership roles in global organizations.
If appointed, Banga would succeed David Malpass, who was appointed by former US President Donald Trump.
The World Bank is an international financial institution that provides loans and grants to countries for development projects.
The organization is composed of two institutions: the International Bank for Reconstruction and Development and the International Development Association.
The World Bank is headquartered in Washington, D.C. and has a membership of 189 countries.
Banga’s nomination will need to be approved by the World Bank’s board of executive directors before he can take up the position.