Former Mastercard CEO Ajay Banga will be the first Indian-American to lead the World Bank. After being confirmed as the new head of the international financial institution, US President Joe Biden said he would prove to be a transformative leader, bringing expertise, experience and innovation to the presidency of the World Bank. Banga will take charge on June 2.

 

Biden said, Ajay Banga will be a transformative leader, who will bring expertise, experience and innovation to the post of President of the World Bank. He will work with the World Bank's leadership and shareholders to help lead the institution as it evolves and expands to address global challenges.

The US President congratulated Banga on becoming the next President of the World Bank and said Ajay will play a key role in bringing philanthropy as well as the public and private sectors together, which will lead to a fundamental change in development finance. , which is needed at this time.

Treasury Secretary Janet Yellen said Banga will play a key role in helping the World Bank and other multilateral development banks double down on work on global challenges like climate change, while accelerating progress on national development priorities.

His track record of building partnerships between the public sector, private sector and non-profit organizations makes him uniquely prepared to raise private capital and help usher in the reforms needed to deliver on our shared ambitions. By doing this the World Bank can work by setting the right agenda.

US Vice President Kamala Harris also congratulated India-born Ajay Banga on being elected as the President of the World Bank. Appreciating Banga's past work, Harris tweeted, "Congratulations Ajay Banga on being elected President of the World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work with him.

The board looks forward to working with Banga on the World Bank Group's development process, the World Bank said in a statement. Banga, an expert in finance and development affairs, will take over the charge on June 2. He was the only contender to replace World Bank chief David Malpass, whose term ends early next month.