He The World Bank (BM) chose an Indian American this Wednesday Ajay Banga as the fourteenth president in its history.
WB Executive Directors approve appointment of Bangui, the only candidate nominated by the government Joe Biden replace David Malpass.
Banga will hold this position for five years as of June 2, 2023. On February 23, the nomination of the Indian American Chief Executive, who has so far served as Vice President of the General Atlantic Foundation and also served as Executive President of Mastercard, was made public.
In a statement, Biden congratulated Banga and said that “it will transformational leader who will bring knowledge, experience and innovation to the presidency of the World Bank.”
Photo: Twitter
“Together with the management and shareholders of the World Bank, this will help run an institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change,” he said.
Biden noted that he looks forward to working with Banga in his new role and “supporting his efforts to transform the World Bank, which remains one of humanity’s most important institutions in reducing poverty and increasing prosperity around the world.”
Bangui’s selection, the WB said in a statement, was made through a process agreed by shareholders in 2011 and included “an open, merit-based and transparent nomination” in which any WB member could be nominated, and also included “due diligence and thorough interview” of the candidate.
Banga was a vice president of General Atlantic and was previously chairman and chief executive officer of Mastercard. Under his leadership, the company launched the Center for Inclusive Growth, which promotes equitable and sustainable economic growth and financial inclusion around the world.
He was Honorary President of the International Chamber of Commerce and served as President from 2020 to 2022. He became an advisor to General Atlantic’s climate-focused fund. Beyond NetZeroat its launch in 2021.
Photo: Reuters
Banga has co-chaired the Association of Central America, a coalition of private organizations that work to promote economic opportunity among the underprivileged in El Salvador, Guatemala and Honduras. He previously served on the boards of directors of the American Red Cross, Kraft Foods and Dow Inc.
He is a co-founder Cyber Readiness Institute and was Vice President Economic Club of New York. He received Foreign Policy Association Medal in 2012, Padma Shri Award from the President of India in 2016, Medal of Honor ellis island and leadership award Global Business Council of International Understanding in 2019 and Dear Friends of the Singapore Civil Service. Star of 2021.
So far, World Bank chief David Malpass, nominated by then-Republican President Donald Trump (2017-2021), informed the organization’s executive board on Feb. 15 of his intention to leave office on June 30 “to take on new challenges.” .
Malpass’s role has been called into question after he repeatedly evaded a panel discussion last September whether he recognized the scientific consensus that humans burning fossil fuels are “rapidly and dangerously warming the planet.”
(EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
