US President Joe Biden on Thursday nominated Indian-American businessman Ajay Banga to head the World Bank, as the financial institution’s current president, David Malpass, is set to step down on 30 June.
Biden’s Statement
Calling Banga, a “business leader with extensive experience leading successful organisations,” Biden said that the new nominee is “uniquely equipped to lead the World Bank at this critical moment in history.” Biden praised Banga for forging public-private partnerships, and addressing the challenges of financial inclusion and climate change during his career.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” the US President noted. Biden added that Banga “has critical experience mobilising public-private resources to tackle the most urgent challenges of our time.”
This is wonderful news because #AjayBanga’s upbringing in, & familiarity with, India should predispose him to be sensitive to our concerns. Stephanians can feel especially proud that one of our own has scaled such a height! @WorldBank @StStephensClg pic.twitter.com/bR4BpnbqFy
— Shashi Tharoor (@ShashiTharoor) February 23, 2023
“Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries,” Biden stressed.
Treasury Secretary’s Comments
Treasury Secretary Janet Yellen applauded the decision to nominate Banga, saying he will bring “financial expertise to lead the World Bank [and] deliver on its core development goals.”
“His efforts have helped bring 500 million unbanked people into the digital economy, deploy private capital into climate solutions, and expand economic opportunity through the Partnership for Central America,” Yellen noted.
Ajay Banga was seen as a visionary and highly, highly successful leader of @Mastercard, which was substantial in its global vision. He has a huge opportunity to bring about transformation @WorldBank. https://t.co/5yR0FtwbfU
— Lawrence H. Summers (@LHSummers) February 24, 2023
In this regard, she underscored that Banga’s expertise will help achieve the World Bank’s objectives of “eliminating extreme poverty” and “expanding shared prosperity.”
World Bank President
Banga is expected to replace David Malpass, who was nominated in 2019 by former President Donald Trump.
Malpass announced his decision to resign a week ago, a year before his five-year stint was expected to end. While Banga’s confirmation as president will depend on the outcome of an internal World Bank vote, he is expected to win as the US nominee is almost always selected.