On May 3, Ajay Banga, an Indian-American business leader, was appointed as the next President of the World Bank, starting his five-year term on June 2, 2023. The World Bank stated that it is looking forward to collaborating with him on the World Bank Group Evolution process. In February, President Joe Biden nominated Banga for the position, citing his qualifications to lead the institution at this critical moment in history. Banga, the former CEO of Mastercard Inc., currently serves as Vice Chairman at General Atlantic. He is the first Indian-American and Sikh-American to head either of the top two international financial institutions, the International Monetary Fund and the World Bank. President Biden believes that Banga’s upbringing in India has given him a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can fulfill its objective to reduce poverty and increase prosperity. Banga has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America and was awarded the Padma Shri in 2016. As the anti-poverty lender’s new President, Banga is expected to take over at a critical moment, with the US and Western nations seeking reforms to focus on addressing various global issues such as climate change.
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