Ajay Banga Becomes World Bank's Next President, All You Need To Know About Him

Indian-origin Ajay Banga has been appointed as the next President of the World Bank. The first-ever Indian-American to assume the World Bank chief’s office is all set to work at a time when the world economy is facing several challenges. 

In an official press statement, the World Bank said, “The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023....The Board looks forward to working with Mr Banga on the World Bank Group Evolution Process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

Here is all you need to know about the next World Bank President Ajay Banga. 

• Ajay Banga, son of an Indian Army officer, was born in the Khadki cantonment of Pune. An IIM Ahmedabad  alum, Banga also studied at the prestigious Delhi University during his undergrad years. 
• Before assuming the role of the World Bank chief, Banga served as the Vice Chairman at General Atlantic. However, his mosr famous stint is considered to be his time at Mastercard where he assumed the office of the chief executive officer (CEO) for 11 years. 
• Ajay Banga has also headed Citigroup’s international consumer operations in 2005, shortly after which, he was named the head of the Asia-Pacific region. However, it was this role from where he stepped down to lead Mastercard. 
• Banga will also the first ever Sikh American to head either of the two top international financial institutions – the International Monetary Fund (IMF) and the World Bank. 
• The Indian-origin World Bank chief was also awarded the Padma Shri in 2016 for his contributions and work. 

As far as the post of World Bank chief goes, the person is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development. The President is also the ex-officio chair of the Board of Directors of the International Development Association, International Finance Corporation, the Multilateral Investment Guarantee Agency, and of the Administrative Council of the International Centre for Settlement of Investment Disputes.

(With inputs from PTI)