Indian-American Ajay Banga is poised to become the head of the World Bank unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank saying he is the sole nominee for the post as no other candidate has been nominated. File | Image Credit: Reuters

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank saying he is the sole nominee for the post as no other candidate has been nominated.

The Board of Executive Directors of the World Bank interviewed Mr. Maybe before he is formally appointed.

In February, President Joe Biden announced that the US would nominate Mr. Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.” The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to the 63-year-old Banga.

Mr. Banga is the only application received for the position of World Bank president, the financial institution said Thursday.

“The Board has received a nomination and wishes to announce that Mr Ajay Banga, a US national, will be considered for the position,” the bank said.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington DC, and expects to finalize the selection of the President in due time,” said a statement released by the bank.

The bank did not announce the timing of the interview.

The former Mastercard Inc. chief, Mr. Banga currently serves as Vice Chairman at General Atlantic.

A new head of the World Bank is expected to be chosen in early May.

“In the next few months, you will see the World Bank undergoing an important transition. We expect that Ajay Banga – President Biden’s nominee – will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told the lawmaker at a Congressional hearing on Wednesday.

“He will be charged with accelerating our progress to transform the institution to better meet the challenges of the 21st century. This evolution will help the Bank realize its important goals of poverty alleviation and progress,” Ms. Yellen said.

If confirmed, Mr. Banga will be the first Indian-American and Sikh-American to head either of the two leading international financial institutions: the International Monetary Fund and the World Bank.

Expected to replace Mr. So is the current president of the World Bank, David Malpass, who will step down in June, almost a year before his term is set to expire.

Mr. Malpass has faced intense criticism over the bank’s commitment to climate action and his personal views on climate change.

Last week, reports emerged that China seemed hesitant about backing Banga, saying it was “open” to supporting “other potential candidates” based on merit.

Mr. Banga, however, has received tremendous support from major countries around the world, including India.

Following the nomination of Mr. Banga, he traveled to several countries for support.

A coalition of 55 advocates, academics, executives, luminaries, and former government officials — including four Nobel Laureates — wrote an open letter to welcome and support Banga’s nomination as the next President of the World Bank.

Raised in India, Mr. Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden said.

He also worked closely with Vice President Harris as Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.

It is expected that Mr. Banga is taking the reins of the anti-poverty lender at a crucial time, with the US and Western countries pushing for reforms to focus on addressing a wide range of global issues such as climate change.

Author: Amit Kumar
Amit Kumar is a highly experienced financial expert with over 10 years of experience in banking and finance. He shares his insights on loans, finance, and business strategies through engaging articles on this Loan & Business site, offering practical advice for anyone seeking to improve their financial situation. Amit's mission is to empower his clients and readers to make informed financial decisions and achieve their financial goals.

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