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Ajay Banga Selected as President of the World Bank, Bringing Vast Experience and Vision

In a significant development, the Executive Directors of the World Bank have chosen Ajay Banga as the President of the institution for a five-year term, commencing from June 2, 2023. With an illustrious career spanning leadership positions in renowned organizations and a deep commitment to inclusive growth and financial inclusion, Banga's appointment brings immense hope and anticipation for the future of the World Bank.

Ajay Banga

Ajay Banga brings a wealth of experience to his new role as the President of the World Bank. Most notably, he served as the Vice Chairman at General Atlantic and held the esteemed position of President and CEO at Mastercard, where he led a global workforce of nearly 24,000 employees. During his tenure at Mastercard, Banga played a pivotal role in launching the Center for Inclusive Growth, an initiative that focuses on promoting equitable and sustainable economic growth and expanding financial access worldwide.

Banga's dedication to fostering collaboration and driving positive change is evident in his extensive involvement in various organizations. He served as the Honorary Chairman of the International Chamber of Commerce, playing a key role in promoting international trade and economic development. As Co-Chair of the Partnership for Central America, he worked towards advancing economic opportunities for underserved populations in El Salvador, Guatemala, and Honduras.

Moreover, Ajay Banga's commitment to addressing pressing global challenges is demonstrated through his co-founding of The Cyber Readiness Institute, an organization focused on enhancing cybersecurity awareness and resilience. His contributions have been recognized with prestigious awards, including the Padma Shri Award by the President of India, the Ellis Island Medal of Honor, and the Business Council for International Understanding's Global Leadership Award.

The selection of Ajay Banga as President of the World Bank followed a rigorous and transparent process, in accordance with the guidelines established by shareholders in 2011. The process emphasized openness, merit, and transparency, allowing any national from the Bank's membership to be nominated by an Executive Director or Governor. Following extensive due diligence and a comprehensive interview, Banga emerged as the ideal candidate to lead the institution.

As President of the World Bank, Ajay Banga will play a crucial role in guiding the institution through its ongoing evolution process, as discussed during the April 2023 Spring Meetings. This evolution aims to address the most critical development challenges faced by developing countries and strengthen the Bank's efforts in promoting sustainable development worldwide.

With the appointment of Ajay Banga as the President of the World Bank, the institution gains a visionary leader with a remarkable track record of driving inclusive growth, fostering global partnerships, and leveraging technology to empower communities. Banga's vast experience, commitment to social impact, and dedication to tackling pressing global challenges position him well to guide the World Bank in its mission of supporting development and reducing poverty across the globe.

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