Page 28 - The Indian EYE 051223

BUSINESS EYE MAY 12, 2023 | The Indian Eye 28

Biden and Harris congratulate

Ajay Banga as he is elected

president of World Bank

The Indian-American finance and development expert will take over the role on June 2. He was the sole
contender to replace departing World Bank chief David Malpass whose term ends early next month

OUR BUREAU
Washington, DC

ndia-born Ajay Banga has been
elected as the World Bank’s next
Ipresident. A 25-member execu-
tive board elected the ex-Mastercard
CEO who was nominated for the post
by US President Joe Biden in late
February.
“The Board looks forward to
working with Mr Banga on the World
Bank Group Evolution process,” the
bank said in a statement published
shortly after the board voted to ap-
prove his leadership for a five-year
term. Banga, a finance and develop-
ment expert, will take over the role on
June 2. He was the sole contender to
replace departing World Bank chief
David Malpass whose term ends early
next month.
Sources familiar with the process
said that Banga won the board’s ap-
proval after several meetings in re-
cent weeks and a formal interview on
Monday.
US President Joe Biden congrat-
ulated Ajay Banga on his resounding
approval by the World Bank’s Board
of Governors. He stated that Ban- Ajay Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016 (File photo)
ga will be a “transformative leader,
bringing expertise, experience, and poverty reduction--including climate ground. I look forward to our contin- ident Harris as the Co-Chair of the
innovation to the position of World change,” he added. ued work together.” On Wednesday, Partnership for Central America.
Bank President.” Biden said Ajay Banga will also Banga has been elected as the World Banga is a co-founder of The Cy-
“I want to congratulate Ajay Ban- be integral in bringing together the Bank’s next president. A 25-member ber Readiness Institute and served
ga -- my nominee for the next Pres- public and private sectors, alongside executive board elected the ex-Mas- as a member of President Obama’s
ident of the World Bank -- on his philanthropies, to usher in the fun- tercard CEO who was nominated for Commission on Enhancing Nation-
resounding approval by the Bank’s damental changes in development fi- the post by US President Joe Biden in al Cybersecurity. He is a past mem-
Board of Governors,” US President nance that this moment requires. late February. ber of the U.S. President’s Advisory
Joe Biden said in a statement released United States Vice President Ka- Over the course of his career, Committee for Trade Policy and Ne-
by the White House. mala Harris congratulated India-born Ajay Banga has become a global lead- gotiations.
“Ajay Banga will be a transfor- Ajay Banga on being elected as the er in technology, data, financial ser- He was awarded the Foreign Pol-
mative leader, bringing expertise, President of the World Bank. vices and innovating for inclusion. icy Association Medal in 2012, the
experience, and innovation to the Appreciating Banga for his past He became an advisor to Gen- Padma Shri Award by the President
position of World Bank President. work, Harris tweeted, “Congratula- eral Atlantic’s climate-focused fund, of India in 2016, the Ellis Island Med-
And together with World Bank lead- tions to Ajay Banga on his election BeyondNetZero, at its inception in al of Honor and the Business Coun-
ership and shareholders, he will help as President of the World Bank. Ajay 2021. Previously, Ajay Banga served cil for International Understanding’s
steer the institution as it evolves and has been an incredible partner in our on the Boards of the American Red Global Leadership Award in 2019,
expands to address global challenges work in Central America, helping to Cross, Kraft Foods and Dow Inc. He and the Distinguished Friends of Sin-
that directly affect its core mission of deliver hope and opportunity on the has worked closely with Vice Pres- gapore Public Service Star in 2021.

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