World Bank President Ajay Banga Elected Wearing a Turban
Former Indian-Origin Mastercard CEO
to Assume Office on the 2nd of Next Month
Ajay Banga, former Mastercard CEO nominated by U.S. President Joe Biden, has been elected as the next President of the World Bank (WB).
On the 3rd (local time), the World Bank announced in a press release that the newly appointed President Banga will begin his five-year term on the 2nd of next month, succeeding current President David Malpass, who expressed his intention to resign early.
Ajay Banga, an Indian-American and the next WB President, has served as Mastercard CEO and Vice Chairman of the private equity firm General Atlantic.
During his tenure as Mastercard CEO, he transformed the traditional financial company into a digital financial company and expanded into developing countries, boosting the company's profits. Over the 10 years he served as CEO, Mastercard's revenue tripled and net profit increased sixfold.
With the appointment of the new President Banga, there are expectations that the World Bank will place greater emphasis on addressing climate change than before.
The reason President Biden selected former CEO Banga as World Bank President is reported to be his core capability to quickly implement climate change-related policies promoted by the Democratic Party and mobilize public and private resources for this purpose.
President Biden said in a statement that day, "Ajay Banga will be an innovative leader who brings expertise, experience, and innovation to the World Bank."
He added, "The World Bank is evolving and expanding to respond to international challenges that impact its core mission of poverty eradication, including climate change, and Ajay Banga will help in managing such an institution."
The United States, holding 15.85% of the World Bank's shares, is the largest shareholder, and since the establishment of the World Bank, candidates recommended by the U.S. have continuously held the position of World Bank President. The term of the World Bank President is five years, with the possibility of reappointment.
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Meanwhile, current President Malpass, a former U.S. Treasury Deputy Secretary nominated by former President Donald Trump in 2019, announced his early resignation in February. Last year, he effectively denied the climate change impact of fossil fuels and faced pressure to resign from the Biden administration.
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