The World Bank has announced the appointment of Ajay Banga as its next president.
A statement by the bank said he was selected by executive directors of the bank for a five-year term beginning 2 June.
Mr Banga brings with him an impressive resume, having served as president and CEO of Mastercard, a global organisation with nearly 24,000 employees and as Honorary Chairman of the International Chamber of Commerce between 2020 and 2022.
Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.
He was also Co-Chair of the Partnership for Central America, a coalition of private organisations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras.
According to the statement, the selection process for the World Bank President was open, merit-based, and transparent, with any national of the bank’s membership eligible for nomination.
Mr Banga’s selection was proposed by an executive director, and his appointment followed thorough due diligence and a comprehensive interview with the executive directors of the bank.
As president of the World Bank, he will also serve as Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD).
