Businessman Ajay Banga becomes American pick and sole nominee to lead World Bank

Digital Desk: A report from the World Bank reveals that Indian-American Ajay Banga is the lone candidate nominated for the role of President when the nomination process ended on March 29. 

Ajay Banga, aged 63, was born in India and is a registered American citizen. 

According to the World Bank, Ajay Banga would be considered for the role.

The World Bank stated in a press release posted on its website, "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 World Bank Group's next President closed on Wednesday, March 29 at 6:00 pm ET." 

"The Board received one nominee and would like to announce that Mr. Ajay Banga, a US native, will be considered for the position," the World Bank added. According to the World Bank, the candidate will be interviewed in person in Washington, DC.

The World Bank stated in a statement that the nominee will be subjected to a formal interview. "Following established processes, the Board of Executive Directors will hold a formal interview with the candidate in Washington D.C., and we intend to complete the Presidential selection in due course," it stated. 

Former Mastercard CEO Ajay Banga was nominated by US President Joe Biden to manage the World Bank in February. Biden remarked in a statement that Ajay Banga is "uniquely" qualified to run the World Bank at this important time in history.

According to Biden's statement, "Ajay is uniquely qualified to manage the World Bank at this pivotal juncture in history. He has spent more than three decades founding and managing global corporations that create jobs and invest in emerging nations, as well as navigating organisations through periods of profound transformation. He has a demonstrated track record of managing people and systems, as well as collaborating with global leaders all around the world to achieve objectives."

"Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing nations, and how the World Bank can deliver on its ambitious mission to alleviate poverty and expand prosperity," US President Joe Biden said in a statement.

Biden made his decision after World Bank Group President David Malpass told the Bank Group's Board of Executive Directors of his plan to resign by the end of the Bank Group's fiscal year on June 30.

Banga is now the Vice Chairman of General Atlantic. According to a White House statement, he was previously President and CEO of Mastercard, where he led the firm through a strategic, technological, and cultural revolution. 

The date and time of the interview have not been announced by the bank yet.

"During the next six months, the World Bank will go through a significant shift. We expect Ajay Banga, President Biden's candidate, will be elected President of the World Bank," US Treasury Secretary Janet Yellen told legislators on Wednesday during a House hearing.

If confirmed, Mr. Banga would be the first Indian-American and Sikh-American to lead either of the world's two largest financial institutions, the IMF or the World Bank.

Mr. Banga is set to succeed current World Bank President David Malpass, who will step down in June, about a year before his tenure expires. 

An open letter was sent by 55 advocates, academics, businesspeople, luminaries, and former government officials, including four Nobel Laureates, to welcome and support Banga's candidature as the next President of the World Bank.

Mr. Banga, who was raised in India, has a unique perspective on the opportunities and problems that developing countries face, as well as how the World Bank can execute its ambitious mission to eradicate poverty and expand prosperity, according to President Biden.

As Co-Chair of the Partnership for Central America, he has also worked closely with Vice President Harris.

In 2016, he was awarded the Padma Shri. Mr. Banga is slated to take over the anti-poverty lender at a critical juncture, with the United States and Western nations pushing for reforms aimed at addressing a spate of global challenges such as climate change.