Washington: Ajay Banga, an Indian-American entrepreneur, is in line to succeed Jim Yong Kim as President of the World Bank after the nomination period ended with no other candidates being put out by any nations. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
A month-long window for nominations for the World Bank's next president has come to an end. Banga, the former CEO of Mastercard Inc., currently holds the position of vice chairman of General Atlantic. The bank’s board is expected to announce the next steps in its selection process, with a view to confirming a new leader by early May. “Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga will be elected President of the World Bank,” US treasury secretary Janet Yellen told makers at a Congressional hearing.
“He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
If confirmed, Banga would become the first-ever Indian-American to head either of the two top international financial institutions: the IMF and the World Bank.
Banga is anticipated to succeed outgoing World Bank president David Malpass, who will retire in June, almost a year before his term is set to end. Yet, major nations all around the world, including India, overwhelmingly backed Banga.