Ajay Banga, an Indian-American business leader, is set to become the next President of the World Bank after no other candidates were nominated for the prestigious post. US President Joe Biden had announced in February that the US would be nominating Banga to lead the global institution at "this critical moment in history". The World Bank closed the nomination period on Wednesday, with no alternatives to Banga announced. The board of the World Bank is anticipated to disclose the following procedures in its selection process on Thursday, aiming to approve a new leader by early May.
Ajay Banga, who is currently Vice Chairman at General Atlantic and previously served as the chief of Mastercard Inc., is 63 years old. He is poised to become the first-ever Indian-American and Sikh-American to lead one of the top two international financial institutions, the World Bank or the International Monetary Fund, if confirmed. He is expected to replace the current World Bank president, David Malpass, who plans to step down in June, almost a year before his term was due to end.
Banga received overwhelming support from major countries across the world, including India, after his nomination.Recent reports suggest that China has shown doubt about endorsing Banga, indicating that they are open to considering other qualified candidates based on their merits.
Due to his upbringing in India, Banga has a distinct perspective on the challenges and opportunities confronting developing nations. President Biden had said that Banga is "well equipped" to lead the institution and has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. Assuming the role of the President of the World Bank, Banga will be taking charge of the anti-poverty institution at a critical juncture, as the United States and Western nations advocate for reforms that prioritize tackling an array of global challenges, including climate change.
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