Washington: Ajay Banga, an Indian-American, has assumed the role of President of the World Bank, making him the first person of colour to lead either of the global financial institutions, including the World Bank and International Monetary Fund (IMF).
Banga’s appointment as the President of the World Bank was announced on May 3 after being selected by the World Bank’s Executive Directors for a five-year term. President Joe Biden had previously nominated him for this prestigious position, highlighting his exceptional qualifications and leadership abilities.
The World Bank warmly welcomed Ajay Banga in a tweet on Friday, accompanied by a photo of him entering the bank’s headquarters. The tweet stated, “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.”
Kristalina Georgieva, the Managing Director of the IMF, also expressed her well wishes to Ajay Banga through a tweet. She said, “I wish Ajay Banga all the best as he takes up his new role as President of the World Bank today. I look forward to continuing the deep partnership between our institutions to do good and help those most in need.”
Prior to his appointment as President of the World Bank, Ajay Banga held various notable positions, including Vice Chairman at General Atlantic and President and CEO at MasterCard. His proven leadership skills and extensive knowledge of the global financial landscape make him well-suited to tackle the challenges faced by the World Bank and drive its mission to alleviate poverty and promote sustainable development.