The nominations for the President position in the World Bank have come to an end on March 29th, where Ajay Banga, President Biden-favored candidate, Ajay Banga has emerged as the sole nominee.                            

Ajay Banga has turned out to be the only candidate for the President’s position at the World Bank, with the end of the nomination period by March 29^th.  The World Bank issued a press release that Announced on February 22^nd, its Board of Directors has confirmed the closure for submitting nominations by Wednesday, March 29^th, announcing that Ajay Banga will be considered for the position. The website states that, per the nomination, Mr. Ajay Banga, a U.S. national, will be considered for the position, and, a formal interview will be conducted in Washington DC for the same. It is anticipated to conclude the Presidential selection process in due course.

The former Mastercard CEO was nominated by President Joe Biden in February to lead the World Bank, stating that Mr. Banga is uniquely equipped in leading the World Bank, especially at a critical moment in history.

Mr. Banga, raised in India, holds nearly three decades of experience in building and managing successful and global companies, creating jobs, bringing investment to developing economies, and guiding organizations through periods of fundamental change. He maintains a track record to manage people and systems, and partner with global leaders around the world in delivering efficient results.

President Biden refers to Ajay as a competent candidate with a unique perspective on the opportunities and challenges faced by developing countries and delivering an ambitious agenda for the World Bank in reducing poverty and expanding prosperity.

The current World Bank Group President, David Malpass, has informed the Board of Executive Directors of his decision to step down from the position on June 30^th, following which, Biden has extended his support for Ajay Banga. Mr. Banga is currently serving as the Vice Chairman at General Atlantic, an American private equity firm. He has emerged as a global leader in technology, data, financial services, and innovation for inclusion, serving as chairman of the International Chamber of Commerce for 2020-2022. He also led Exor and was an Independent Director at Temasek, and acted as an advisor to General Atlantic’s climate-focused fund, BeyondNetZero. Serving as a Board Member of the American Red Cross, Kraft Foods, and Dow Inc., Mr. Banga has made notable contributions to the Biden administration, working with Vice-president Kamala Harris as the Co-Chair of the Partnership of Central America.

He was a member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations and was awarded the Foreign Policy Association Medal in 2012. Mr. Banga has also won the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, and the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019.