Ajay Banga Selected 14th President of the World Bank

Ajay Banga Selected 14th President of the World Bank- The World Bank Board of Directors has recently elected Mr. Ajay Banga as its new President. The election was held on May 3rd, 2023, and Mr. Banga was elected with a unanimous vote from the Board members. We are thrilled to announce this exciting news and we would like to extend our warmest congratulations to Mr. Banga on his new role.

The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.

Who is Ajay Banga? Mastercard's former CEO appointed as World Bank President

Ajay Banga is a well-known business leader, who is widely respected for his visionary leadership and strategic thinking. He is the former President and CEO of Mastercard and has been a member of the World Bank Board since 2018. Prior to his role at Mastercard, holding various senior leadership positions.

After announcing the resignation of David Malpass as head of the World Bank, US President Joe Biden revealed Ajay Banga as the only candidate for the post. At the age of 63, Mr. Banga was elected by the Board of the World Bank as its new President.

Mastercard's former CEO Ajay Banga leads World Bank Group

Before assuming his role as President of the World Bank, Ajay Banga served as the Vice Chairman at General Atlantic. Prior to that, he was the CEO and President of Mastercard, where he led the organization of approximately 24,000 employees.

Ajay Banga's initiatives promoting financial inclusion and sustainable growth

During his tenure at Mastercard, Mr. Banga established the Center for Inclusive Growth, an initiative that promotes sustainable and equitable economic growth, as well as financial inclusion globally. Additionally, he held the position of Honorary Chairman of the International Chamber of Commerce and served as Chairman between 2020 and 2022.

Mr. Banga also played a critical role as an advisor to General Atlantic's climate-focused fund, BeyondNetZero, from its inception in 2021. He co-chaired the Partnership for Central America, which is a private coalition that works towards advancing economic opportunities for underserved populations in El Salvador, Guatemala, and Honduras. Furthermore, he has served on the Boards of Dow Inc., Kraft Foods, and the American Red Cross.

Mr. Banga is also a passionate advocate for financial inclusion and has worked tirelessly to promote digital payments and financial services for the underserved communities around the world. His experience and expertise in the financial industry make him a perfect fit for the World Bank Board, which is dedicated to promoting sustainable economic growth and reducing poverty around the world.

What Will Mr. Banga’s Role be as President of the World Bank Board?

As the new President of the World Bank Board, Mr. Banga will be responsible for overseeing the organization's activities and initiatives. He will work closely with the Board members, the management team, and the staff to ensure that the World Bank is fulfilling its mission of reducing poverty and promoting sustainable economic growth around the world.

Ajay Banga

Mr. Banga has already outlined some of his priorities for his new role. He has stated that he will focus on promoting financial inclusion, supporting the development of digital infrastructure, and investing in renewable energy and sustainable agriculture. These initiatives align perfectly with the World Bank's mission and we look forward to seeing Mr. Banga's leadership in action.

Ajay Banga is also a co-founder of The Cyber Readiness Institute

In addition to his various roles in the private sector, Ajay Banga is also a co-founder of The Cyber Readiness Institute and formerly held the position of Vice Chair at the Economic Club of New York. He has received numerous accolades for his work, including the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honor, and the Global Leadership Award from the Business Council for International Understanding in 2019. Most recently, he was recognized with the Distinguished Friends of Singapore Public Service Star award in 2021.

What Does this Mean for the World Bank?

The election of Ajay Banga as the President of the World Bank Board is a significant milestone for the organization. Mr. Banga's wealth of experience in the financial industry, coupled with his passion for promoting financial inclusion, will be invaluable in advancing the World Bank's mission.

We are confident that under his leadership, the World Bank will continue to play a critical role in promoting sustainable economic growth and reducing poverty around the world.

The Chair of the Board of the Executive Directors

The Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD) also serves as the President of the World Bank Group. In addition, the President holds ex officio positions as the chair of the Board of Directors for the International Development Association (IDA), International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). Furthermore, the President serves as the Chair of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

List of presidents working in World Bank till now and their tenure

President NameWorking YearEugene R. Black1949 - 1963George Woods1963 - 1968Robert McNamara1968 - 1981Alden W. Clausen1981 - 1986Barber Conable1986 - 1991Lewis T. Preston1991 - 1995James D. Wolfensohn1995 - 2005Paul Wolfowitz2005 - 2007Robert Zoellick2007 - 2012Jim Yong Kim2012 - 2019Kristalina Georgieva2019 - 2019David Malpass2019 - 2022Ajay Banga2023 - Present

Conclusion

In conclusion, we would like to extend our warmest congratulations to Mr. Ajay Banga on his election as the new President of the World Bank Board. We are excited about the possibilities that his leadership will bring and look forward to seeing the positive impact that the World Bank will continue to have on the world under his guidance.

FAQ

Q: Who is Ajay Banga?

A: Ajay Banga is the newly elected President of the World Bank succeeding David Malpass. He is the former Chairman and CEO of Mastercard and currently serves as an advisor to BeyondNetZero, General Atlantic's climate-focused fund. He is also the co-founder of the Cyber Readiness Institute.

Q: How was Ajay Banga elected as President of the World Bank?

A: Ajay Banga was the only candidate for the position when it was announced by US President Joe Biden in February 2023. After David Malpass stepped down as head of the World Bank, Mr. Banga was elected by its board for a five-year term. , The term begins on June 2, 2023.

Question: What are the achievements of Ajay Banga?

A: Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.

He was also the Honorary President of the International Chamber of Commerce and served as the President from 2020-2022.
He has received several awards including the Padma Shri Award by the President of India in 2016 and the Business Council for International Understanding Global Leadership Award in 2019.

Q: What is the Cyber Readiness Institute?

A: Cyber Readiness Institute is a non-profit organization founded by Ajay Banga to help small and medium-sized enterprises become more cyber secure. The organization provides free resources and tools to help businesses identify and mitigate cyber security risks.
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