Indian American Ajay Banga Takes Over as President of the World Bank

WASHINGTON: Indian American Ajay Banga on Friday became the first person of colour to take over as the President of the World Bank.

This appointment makes Banga the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.

Banga, 63, was selected by the Executive Directors of the World Bank on May 3. He has been appointed the 14th President of the World Bank for a five-year term.

President Joe Biden, in February, announced that the US would nominate Banga to head the World Bank.

"Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet," the World Bank said in a tweet with a picture of Banga entering the bank headquarters here on Friday.

IMF managing director Kristalina Georgieva said in a tweet, "I wish Ajay Banga all the best as he takes up his new role as President of the World Bank today. I look forward to continuing the deep partnership between our institutions to do good and help those most in need.”

Banga has replaced David Malpass, who announced his decision to step down in February, to become the first ever Indian-American to head the prestigious World Bank.

Most recently in the past, Banga served as Vice Chairman at General Atlantic.

He was previously the President and CEO of Mastercard, a global organization with nearly 24,000 employees. MasterCard had launched the Center for Inclusive Growth, to advance equitable and sustainable economic growth and financial inclusion around the world, under his leadership.

Banga was also the Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic's climate-focused fund, BeyondNetZero, at its inception in 2021.

He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc. Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York.

He was the proud recipient of the Foreign Policy Association Medal in 2012, the Padma Shri Award presented by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding's Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

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