Indian-American corporate executive Ajay Banga took over as the President of the World Bank, becoming the first person of colour to head either the World Bank or the International Monetary Fund.
On May 3, the Executive Directors of the World Bank selected Banga, 63, as the 14th President of the World Bank for a five-year term after US President Joe Biden announced that the US would nominate Banga to lead the World Bank in February.
“Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet,” the World Bank said in a tweet with a picture of Banga entering the bank headquarters.
“I wish Ajay Banga all the best as he takes up his new role as President of the World Bank today. I look forward to continuing the deep partnership between our institutions to do good and help those most in need,” IMF managing director Kristalina Georgieva said in a tweet.
Banga has become the first-ever Indian-American to head the World Bank. He replaces David Malpass, who announced his decision to step down in February.
Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organisation with nearly 24,000 employees.
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.
Before he took charge at the World Bank, US Treasury Yellen met with Banga at the Treasury Department. During their engagement, Yellen warmly welcomed Banga's upcoming presidency and conveyed her strong desire for the Treasury to continue close collaboration with him in building on the strong progress made so far on evolving multilateral development banks (MDBs), a media release said.
