Indian-origin Ajay Banga confirmed as next World Bank president
US nominated Banga for the post in February. 63-year-old Banga served as Mastercard's CEO. He was conferred with India's fourth highest civilian honour Padma Shri in 2016
File image of Ajay Banga. ANI
The World Bank on Wednesday confirmed Indian-origin Ajay Banga as its next president. He will take over the role from David Malpass on 2 June.
Banga’s appointment comes at a pivotal time for the development lender as it looks to better address climate change.
“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the bank wrote in a statement published shortly after the board voted to approve his leadership for a five-year term.
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In February, president Joe Biden said that the US was nominating Banga to lead the World Bank, after its current chief Malpass announced plans to step down early.
Who is Ajay Banga?
63-year-old Banga is an Indian-American. He served as Mastercard’s executive chairman, after having previously served as the company’s CEO.
Banga was born in Khadki Cantonment, Pune. His father served in the Indian Army. Banga graduated in Economics from St Stephen’s College, Delhi and went on to receive an MBA degree from the Indian Institute of Management, Ahmedabad.
He was conferred with India’s fourth highest civilian honour Padma Shri in 2016.
With inputs from agencies
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