United States Citizen, India-Born and Former President & CEO of Mastercard Ajaypal Banga Appointed as World Bank 14th President for 5 Years Starting 2nd June 2023, Succeeds World Bank 13th President David Malpass
5th May 2023 | Hong Kong
United States citizen, India-born and former President & CEO of Mastercard Ajaypal Banga has been appointed as World Bank 14th President for 5 years starting 2nd June 2023, succeeding World Bank 13th President David Malpass. World Bank: “The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.” Incoming World Bank 14th President Ajaypal Banga Profile – Ajay 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. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc. Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
“ United States Citizen, India-Born and Former President & CEO of Mastercard Ajaypal Banga Appointed as World Bank President for 5 Years Starting 2nd June 2023 “
Statement by United States Secretary Yellen on Election of Ajay Banga as World Bank President: “I warmly congratulate Ajay Banga on his election to lead the World Bank. Ajay Banga will bring to this important role the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history. Ajay understands that the challenges we face – from combatting climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined. He has effectively built a broad global coalition around his vision for the Bank over the course of his candidacy.
Right now, we are undertaking a vital effort to evolve the World Bank and other multilateral development banks to redouble their work on global challenges like climate change in a way that accelerates progress on national development priorities. Six months after my call to action during the Annual Meetings, we made an important down payment on that effort last month. The reforms adopted will sharpen the Bank’s mission, align its operations with our new goals, and help unlock as much as $50 billion in lending capacity over the coming decade to combat extreme poverty, boost economic growth, and build resilience to global challenges. Our ambitious goals will not be met overnight, and we remain committed to a staged adoption of reforms over the course of the year to build on the vision we have laid out. Ajay Banga will play a critical role in that work, including its development and implementation in the coming years. His track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilize private capital and press for the reforms needed to meet our shared ambitions. In doing so, the World Bank can serve as a force multiplier for good by setting the right agenda and catalyzing action from across the spectrum.
I also thank President Malpass and the staff of the World Bank for their tireless work, including in advancing the evolution agenda to date and confronting immense global challenges like the pandemic, Russia’s illegal war in Ukraine, and rising debt vulnerabilities. I look forward to partnering closely with Ajay Banga and the Bank on the important work ahead of us.”
United States Citizen & India-Born and Former President & CEO of Mastercard Ajaypal Banga Appointed as World Bank 14th President for 5 Years Starting 2nd June 2023
3rd May 2023 – The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.
Ajay 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. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.
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 the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.
The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
David R. Malpass was selected as 13th President of the World Bank Group by its Board of Executive Directors on April 5, 2019. His five-year term began on April 9. Mr. Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States. Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank–IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
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