Ajay Banga becomes first Indian-American to head World Bank

Ajay Banga was on Wednesday appointed as the next President of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries.

"The Executive 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 bank said in a press statement.

In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."

The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the bank statement added.

Banga, who was awarded the Padma Shri in 2016, most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organisation with nearly 24,000 employees.

He is 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.