India-born Ajay Banga is poised to become the next President of the World Bank, which announced on Thursday that he is the sole nominee for the post as no other candidates were nominated. The World Bank's Board of Executive Directors will interview Banga before he is formally appointed.??
The last date for filing nominations was March 29, 2023. In February, US President Joe Biden announced that the US would be nominating Banga?to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The World Bank closed a month-long window for nominations for its next president on Wednesday (March 29th), with no alternatives announced to 63-year-old Banga. Banga is the only application received for the position of president of the World Bank, the financial institution said, as per a PTI report.
If he goes on to become the President of the World Bank,?Pune-born Banga will be the first?Indian-American to head either of the two top international financial institutions: the International Monetary Fund or the World Bank. Banga was awarded the Padma Shri in 2016.
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"The Board received one nomination and would like to?announce that Mr. Ajay Banga, a US national, will be considered for the position," the bank 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,¡± said a media release issued by the bank.
The World Bank has not announced the timing of the interview. Former Mastercard CEO Banga currently serves as Vice Chairman at General Atlantic. The World Bank president will be chosen by early May 2023.
¡°Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga ¨C President Biden¡¯s nominee ¨C will be elected President of the World Bank,¡± US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday, as per PTI report.
¡°He will be charged with accelerating our progress to evolve the institution to better address 21st-century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,¡± Yellen said.
Banga is expected to replace the current World Bank President David Malpass, who will step down in June, nearly a year before his term is scheduled to expire. Malpass faced strong criticism over the bank¡¯s commitment to climate action and over his personal views on climate change.
Following his nomination by US President Biden, Banga has travelled to several countries for support. A coalition of 55 advocates, academics, executives, luminaries, and former government officials, including four Nobel Laureates, wrote an open letter to welcome and support Banga's nomination as the next President of the World Bank, the report mentioned.
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