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The Executive Board of the World Bank has announced the selection of Ajay Banga as the new President of the Bretton Woods institution.
In a press release copied to Ghana Business News, the Bank said Banga, of Indian origin, becomes the 14th President of the institution and would serve for five years.
According to the release, the Executive Directors followed the selection process agreed by shareholders in 2011. The process, it said, 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, it added.
Banga is taking over from David Malpass who was appointed in 2019 and was expected to end his term in 2024. It is believed that, Malpass, appointed by former US President Donald Trump, is leaving the Bank due to disagreements with the Biden administration over the scientifically established impact of the fossil fuel industry on climate change.
Banga who takes office on June 2, 2023, most recently served as Vice Chairman at General Atlantic. He previously, was President and CEO of Mastercard. 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 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 also 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.
He 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.
By Emmanuel K Dogbevi
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