The Executive Directors of the World Bank today selected Ajay
Banga as President of the World Bank for a five-year term beginning June 2,
2023.
Ajay Banga most recently
served as Vice Chairman at General Atlantic. Previously, he was President and
CEO of Mastercard, a global organization with nearly 24,000 employees.
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 the Honorary Chairman of the International
Chamber of Commerce, serving as Chairman from 2020-2022. 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 Executive Directors
followed the selection process agreed by shareholders in 2011. The process included
an open, merit-based, and transparent nomination where any national of the
Bank’s membership could be proposed by any Executive Director or Governor
through an Executive Director. This was then followed by thorough due diligence
and a comprehensive interview of Mr. Banga by the Executive Directors.
The Board looks forward to
working with Mr. Banga on the World Bank Group Evolution process, as
discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s
ambitions and efforts aimed at tackling the toughest development challenges
facing developing countries.
The President of the World
Bank Group is also the Chair of the Board of the Executive Directors of the
International Bank for Reconstruction and Development (IBRD). The President is
also 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).
By: Kanto Okanta
