WASHINGTON, D.C. (TIP): Ajay Banga will be a transformational leader, who will bring expertise, experience, and innovation to the position of World Bank president, US President Joe Biden said after the former Mastercard CEO was confirmed as the new head of the international financial institution. Ajay Banga on Wednesday, May 3, became the first-ever Indian-American to head the bank.
“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction—including climate change,” Biden said.
“Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires,” said the president congratulating his nominee for the next President of the World Bank on his resounding approval by the Bank’s Board of Governors.
Treasury Secretary Janet Yellen said Banga will play a critical role in undertaking a vital effort to evolve the World Bank and other multilateral development banks to redouble their work on global challenges like climate change in a way that accelerates progress on national development priorities.
“His track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilize private capital and press for the reforms needed to meet our shared ambitions. In doing so, the World Bank can serve as a force multiplier for good by setting the right agenda and catalyzing action from across the spectrum,” she said. After he was nominated for this position by Biden, Banga spent the last couple of months travelling around the world meeting with governments from the World Bank’s diverse shareholder base and stakeholders from both the private and philanthropic sectors.
“Today’s vote is an indication that he’s gained widespread support from across that shareholder base with resounding approval from the shareholders. Ajay himself is a business leader with decades of experience leading large global organizations forging public private partnerships to address financial inclusion and climate change,” a senior administration official told reporters.
“We are confident that Ajay is going to play a key role in steering the World Bank to evolve itself to address global challenges like climate change, pandemics, fragility conflict, or effectively at greater scale, and in doing so will help fulfill the President’s vision and the priorities placed around exactly those goals,” the official said. “While the World Bank will continue to play a key role in improving the lives of people around the globe. I can’t do it alone, and Ajay’s track record of forging partnerships between the public sector and the private sector and nonprofit uniquely equipped to help mobilize the private capital and press for the reforms needed to meet our shared ambition,” said the official.Another senior official told reporters that it is a really good day for the World Bank. “And it’s a really good day for the countries and the people who seek to partner with the World Bank, particularly in a very difficult time for emerging and developing countries. Awe think he is the right person for this moment, including on a very important and weepy evolution agenda that might describe that well,” the official said.

The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development. The President is also ex officio chair of the Board of Directors of the International Development Association, International Finance Corporation, the Multilateral Investment Guarantee Agency, and of the Administrative Council of the International Centre for Settlement of Investment Disputes.

Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
(With inputs from PTI)