The World Bank Group has announced Ajay Banga, the former CEO of Mastercard, as its new president.
The Washington-based institution confirmed that Banga would succeed David Malpass and take over the role as the 14th president of the bank for a term of five years starting from June 2, 2023.
Banga was nominated for the post by the United States President, Joe Biden, in February, and was the sole contender for the position.
The World Bank said its executive board was looking forward to working with Banga on its evolution process, as discussed at the April 2023 Spring Meetings.
In its statement, the World Bank expressed confidence that Banga’s experience and expertise would be vital in its efforts to tackle the toughest development challenges facing developing countries.
The bank’s focus has recently shifted towards climate change, conflicts, and pandemics, among other pressing issues facing the world.
The World Bank revealed that developing countries would require $2.4 trillion annually in the next seven years to address these challenges.
The World Bank president also serves as the chair of the board of the executive directors of the International Bank for Reconstruction and Development (IBRD).
Banga will also be the 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).
