Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic. The bank’s board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May.
“Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga – President Biden’s nominee – will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.
“He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.