The Executive Directors of the World Bank on May 3 selected Ajay Banga as 14th President of the World Bank for a five-year term beginning June 2, 2023.
Key points
- The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.
- Banga, who was born in India and spent his early career there, has been a US citizen since 2007.
- Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.
- He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award 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.
Selection process
- The Executive Directors followed the selection process agreed by shareholders in 2011.
- The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.
- The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD).
- The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
