World Bank appoints Ajay Banga 14th President

The World Bank has announced the appointment of Ajay Banga as its next president.

A statement by the bank said he was selected by executive directors of the bank for a five-year term beginning 2 June.

Mr Banga brings with him an impressive resume, having served as president and CEO of Mastercard, a global organisation with nearly 24,000 employees and as Honorary Chairman of the International Chamber of Commerce between 2020 and 2022.

Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.

He was also Co-Chair of the Partnership for Central America, a coalition of private organisations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras.

According to the statement, the selection process for the World Bank President was open, merit-based, and transparent, with any national of the bank’s membership eligible for nomination.

Mr Banga’s selection was proposed by an executive director, and his appointment followed thorough due diligence and a comprehensive interview with the executive directors of the bank.

As president of the World Bank, he will also serve as Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD), and ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

The World Bank Group has set ambitious goals to tackle the toughest development challenges facing developing countries, and the board said it is confident that Mr Banga is the right person to lead these efforts.

The board also said it looks forward to working with him on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s initiatives to promote sustainable economic growth and development worldwide.

Mr Banga has been awarded numerous honours throughout his career, including the Padma Shri Award by the President of India in 2016, and the Distinguished Friends of Singapore Public Service Star in 2021.

“He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

“Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021,” the statement said.