The World Bank on Wednesday confirmed that Indian-American Ajay Banga will be its next president and said it looks forward to working with him on the World Bank Group Evolution process.

The former Mastercard CEO Banga will be taking charge at a pivotal time for the development lender as it looks to better address climate change.

“The executive directors of the World Bank today selected Ajay Banga as the President of the World Bank for a five-year term beginning June 2, 2023,” the bank said in a press statement.

Banga to take over the role from David Malpass on June 2.

In February, US President Joe Biden had nominated the business executive to lead the World Bank stating he is “well equipped” to lead the global institution at “this critical moment in history”.

“The board looks forward to working with 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 statement added.

The president of the World Bank is usually nominated by the American President, while the head of the International Monetary Fund is customarily a European.

Ajay Banga, 63, is currently serving as vice chairman at equity firm General Atlantic. He was previously President and Chief Executive Officer at Mastercard.

Banga is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga was born in Pune, India and completed his bachelor's degree in economics from St. Stephen's College, Delhi, and later went on to earn an MBA from the Indian Institute of Management, Ahmedabad.

After completion of his studies, Banga started his career with Nestle India and then worked with Citibank in India and Malaysia.

In 1996, he moved to the United States and joined Pepsico, where he worked for 13 years in various roles, including CEO of the company's operations in India and Southeast Asia.

In 2009, Banga joined Mastercard as its President and Chief Operating Officer and became its CEO the very next year.

Banga is a member of various business and non-profit organizations, including the Business Roundtable, the International Cricket Council, and the US-India CEO Forum.

Banga has previously received several awards and honors for his contributions to business and society.

He was awarded Padma Shri by the Indian government in 2016.

Source- TOI