Indian American Ajay Banga unopposed as World Bank nominee

The World Bank has said that Indian-American Ajay Banga is the only candidate nominated for the President's position as the nomination period closed on March 29.

The World Bank announced that Ajay Banga will be considered for the position. In a press release issued on its website, the World Bank said, "The World Bank Group's Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, March 29 at 6:00 pm ET."

The World Bank in a statement said that a formal interview will be conducted with the candidate. It said, "In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course."

In February, US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank. In a statement, Biden noted that Ajay Banga is "uniquely" equipped to lead the World Bank at a critical moment in history.

In his statement, US President Joe Biden noted, "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity."

Biden's decision came after World Bank Group President David Malpass informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group's fiscal year on June 30.

Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation, according to the statement released by the White House.


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