BREAKING: History as first Indian American becomes World Bank president

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

This was disclosed by the world bank in a press release on Wednesday.

This appointment by the Executive Director has made Banga to become the first Indian American to hold such a position.

The World Bank noted that it followed the selection process agreed by shareholders in 2011. The process includes being open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor.

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

“The Board looks forward to working with Banga on the World Bank group evolution process discussed at the April 2023 meeting.

“Also on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

Banga most recently served as Vice Chairman at General Atlantic. Before then, he was President and Chief Executive Officer (CEO) of Mastercard, a global organization with nearly 24,000 employees.

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