Ajay Banga, who was born in India, has been elected as the World Bank’s next president. “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the bank said in a statement published shortly after the board voted to approve his leadership for a five-year term. The ex-Mastercard CEO was elected by a 25-member executive board after being nominated for the position by US President Joe Biden in late February.
Banga, a finance and development professional, will take over on June 2. He was the single candidate to succeed World Bank President David Malpass, whose term expires early next month.
According to sources familiar with the process, Banga received board clearance following multiple discussions in recent weeks and a formal interview on Monday.
US Vice President Joe Biden congratulated Ajay Banga on the World Bank’s Board of Governors’ unanimous approval. Banga, he said, will be a “transformative leader, bringing expertise, experience, and innovation to the position of World Bank President.”
“I want to congratulate Ajay Banga — my nominee for the next President of the World Bank — on his resounding approval by the Bank’s Board of Governors,” US President Joe Biden said in a statement released by the White House.
“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction–including climate change,” he added.
Ajay Banga, according to Biden, will be instrumental in bringing together the public and commercial sectors, as well as philanthropies, to usher in the profound changes in development finance that are required at this time. Biden expressed his excitement about working with Banga in his new capacity and supporting his efforts to improve the World Bank.
Ajay Banga has established himself as a global leader in technology, data, financial services, and inclusion innovation. He joined General Atlantic’s climate-focused fund, BeyondNetZero, as an advisor in 2021. Ajay Banga previously served on the boards of the American Red Cross, Kraft Foods, and Dow Inc. As Co-Chair of the Partnership for Central America, he collaborated closely with Vice President Harris.
Banga co-founded The Cyber Readiness Institute and served on President Obama’s Commission to Strengthen National Cybersecurity. He formerly served as the President of the United States’ Advisory Committee on Trade Policy and Negotiations.
He received the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honour and the Global Leadership Award from the Business Council for International Understanding in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
Banga co-founded The Cyber Readiness Institute and served on President Obama’s Commission to Strengthen National Cybersecurity. He formerly served as the President of the United States’ Advisory Committee on Trade Policy and Negotiations.
He received the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honour and the Global Leadership Award from the Business Council for International Understanding in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
