India-born Ajay Banga appointed as President of World Bank

Indiaborn Ajay Banga has been elected as the World Banks next president A 25member executive board elected the exMastercard CEO who was nominated for the post by US President Joe Biden in late FebruaryThe Board looks forward to working with Mr Banga on the World Bank Group Evolution process the bank said in a statement published shortly after the board voted to approve his leadership for a fiveyear termBanga a finance and development expert will take over the role on June 2 He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next monthSources familiar with the process said that Banga won the boards approval after several meetings in recent weeks and a formal interview on MondayUS President Joe Biden congratulated Ajay Banga on his resounding approval by the World Banks Board of Governors He stated that Banga will be a transformative leader bringing expertise experience and innovation to the position of World Bank PresidentI want to congratulate Ajay Banga my nominee for the next President of the World Bank on his resounding approval by the Banks Board of Governors US President Joe Biden said in a statement released by the White HouseAlso Read Drone attack was attempt on President Putins life will retaliate RussiaAjay Banga will be a transformative leader bringing expertise experience and innovation to the position of World Bank President And together with World Bank leadership and shareholders he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reductionincluding climate change he addedBiden said Ajay Banga will also be integral in bringing together the public and private sectors alongside philanthropies to usher in the fundamental changes in development finance that this moment requiresBiden said that he looked forward to working with Banga in his new role and supporting his efforts to transform the World BankOver the course of his career Ajay Banga has become a global leader in technology data financial services and innovating for inclusionHe became an advisor to General Atlantics climatefocused fund BeyondNetZero at its inception in 2021 Previously Ajay Banga served on the Boards of the American Red Cross Kraft Foods and Dow Inc He has worked closely with Vice President Harris as the CoChair of the Partnership for Central AmericaBanga is a cofounder of The Cyber Readiness Institute and served as a member of President Obamas Commission on Enhancing National Cybersecurity He is a past member of the US Presidents Advisory Committee for Trade Policy and NegotiationsHe 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 Understandings Global Leadership Award in 2019 and the Distinguished Friends of Singapore Public Service Star in 2021This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever