Indian-American Ajay Banga Becomes New World Bank President

Indian American Ajay Banga took charge as the President of the World Bank on Friday. He is the first person of colour to head either the World Bank or the International Monetary Fund.

Banga has become the first-ever Indian-American to head the World Bank. He replaces David Malpass, who announced his decision to step down in February. In February, President Joe Biden announced that the US would nominate Banga to lead the World Bank.

“Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet,” the World Bank said in a tweet with a picture of Banga entering the bank headquarters here on Friday.

On May 3, the Executive Directors of the World Bank selected Banga, 63, as the 14th President of the World Bank for a five-year term.

Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.