Ajay Banga becomes first Indian-American to head World Bank

    The Hawk
    May3/ 2023

    Washington: On Wednesday, Ajay Banga was appointed as the next President of the World Bank, making history as the first Indian-American to lead the global financial institution. The World Bank has expressed its excitement about working with Banga as it takes on some of the most pressing issues in international development.

    Ajay Banga "was selected as President of the World Bank by the Executive Directors of the World Bank today for a five-year term beginning June 2, 2023," the bank announced.

    President Joe Biden announced in February that the United States would nominate Banga, 63, to lead the World Bank because he is "well equipped" to do so 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 of the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.—Inputs from Agencies