Washington: Indian-American business leader Ajay Banga is an exceptional candidate and he is uniquely equipped to lead the World Bank at such a critical moment, the US has said as the bank plans to formally announce his appointment as its president.
In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is well equipped to lead the global institution at “this critical moment in history.”
On March 31, The World Bank closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
Banga is the only applicant for the position of president of the World Bank, the global financial institution said.
“He (Banga) is uniquely equipped to lead the World Bank at such a critical moment, and he’s an exceptional candidate,” Vedant Patel, State Department Principal Deputy Spokesperson, told reporters at his daily news conference on Friday.
“His leadership skills and management experience, his experience in the financial sector, will help achieve the World’s Bank objectives by eliminating extreme poverty, and expanding prosperity, while also doing so in a very evolving and dynamic global playing field, where we’re dealing with a lot of new and pressing issues and challenges, like climate change and global health challenges and other things as well,” Patel said.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
A new leader of the World Bank is expected to be chosen by early May.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.
Dear Reader,
Every day, our team at EastMojo travels through rain, rough roads, and remote hills to bring you stories that matter – stories from your town, your people, your Northeast.
We do this because we believe in truthful, independent journalism. No big corporate backing, no government pressure – just honest reporting by local journalists who live and breathe the same air you do.
But to keep doing this work, we need you. Your small contribution helps us pay our reporters fairly, reach places others ignore, and keep asking the tough questions.
If you believe the Northeast deserves its own fearless voice, stand with us.
Support independent journalism. Be a Member.
Thank you,
Karma Paljor
Editor-in-Chief, eastmojo.com
He was awarded the Padma Shri in 2016.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
Also Read | Global leaders welcome nomination of Ajay Banga as World Bank president