Ajay Banga named as incoming World Bank president

Ajay Banga has been selected as the new president of the World Bank for a five-year term beginning on June 2.

He was most recently vice chairman at private equity firm General Atlantic and before that was president and CEO of Mastercard.

Banga was nominated by President Joe Biden for the post, and is the first ever Indian American to hold the role. He will replace outgoing World Bank President David Malpass, who in February announced his decision to step down from the role.

In September, Malpass was criticized publicly by the White House for comments he made after declining to say whether he accepts the scientific consensus on global warming.

In a statement announcing the appointment of Banga, the World Bank said the selection process for the new president had followed the process agreed by shareholders in 2011, including an open, merit-based, and transparent nomination.

As World Bank president, Banga will lead the institution’s efforts to tackle challenges facing developing countries.

In the role, he will also serve as chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development, 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.