Ajay Banga Appointed As New World Bank President
The World Bank, based in Washington, has appointed Ajay Banga as its new President. The bank confirmed that Banga, who had a decade-long career at Mastercard, would take over from David Malpass as the next President for a period of five years.
The development lender expressed optimism that Banga would use his experience to achieve the bank’s ambitions and efforts to tackle the toughest development challenges facing developing countries. Banga, who is the sole US candidate for the role, is expected to assume duty on June 02, 2023.
The appointment of Banga comes at a time when the World Bank’s focus has shifted to climate change, conflict, and pandemics, among other pressing issues facing the world. The bank has noted that developing countries need $2.4 trillion annually in the next seven years to address these challenges.
Banga’s appointment is expected to bring a fresh perspective to the World Bank, given his wealth of experience in the private sector. His leadership style and approach to development issues will be closely watched as he takes on this critical role.
As the new President, Banga will be expected to steer the World Bank towards achieving its goals of ending extreme poverty and promoting shared prosperity. His appointment is an indication of the bank’s commitment to finding innovative solutions to the challenges facing developing countries, and his tenure will be watched with keen interest.
