Ajay Banga to Become World Bank President Unopposed

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By Adedapo Adesanya

The World Bank Group’s Board of Executive Directors has announced Mr Ajay Banga, a US national, as the only nominee for the position of the bank’s next president and may clinch the post if he passes the next hurdle.

This was contained in a statement issued by the World Bank on Friday.

“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET.”

“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential election in due course,” the board said.

US President Joe Biden in February nominated Mr Banga to lead the World Bank, saying he is “well equipped” to lead the global institution at “this critical moment in history.”

No other country proposed an alternate candidate for the prestigious post.

Mr Banga, 63, was born in India and is a naturalised US citizen. He has led Mastercard Inc and now currently serves as Vice Chairman at General Atlantic.

If confirmed, Mr Banga would become the first-ever Indian-American to head either of the two top international financial institutions, the International Monetary Fund (IMF) and the World Bank.

Mr Banga is expected to replace the current World Bank president, Mr David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.

Mr Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.

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