New Delhi. The Indian origin Ajaypal Banga was selected as next president of World Bank on Wednesday. He will take charge at a pivotal time for the development lender as it looks to better address climate change. He will take over the role from David Malpass on June 2.
His tenure will be for 5 years. The 25-member executive board of the World Bank on Wednesday elected Ajay Banga as its president. US President Joe Biden nominated him for this post.
Ajay Banga was the sole nomination to replace outgoing World Bank chief David Malpass, an economist and former US Treasury official during the Donald Trump administration.
The World Bank said in a statement: “The Board looks forward to working with Mr Banga on the World Bank Group Evolution process."
Here is all about Ajay Banga:
Ajay Banga is the son of an Indian Army officer.
He was born in 1959. He has gone to countries premier institutions for his education. During liberation policy introduction by then Finance Minister Manamohan Singh, Banga rose through the ranks of multinational companies who came to India.
In 2000, when Banga shifted to US from India, he worked with Mastercard. He also served as director of Exor and Temasek. He also worked with media companies including Mediacorp and the Economist as well as automobile companies like Ferrari.