In February, US President Joe Biden nominated Banga to head the financial institution, which is traditionally held by a US citizen. The 63-year-old American-Indian businessman recently held the position of Deputy Director of investment firm General Atlantic.
One of the challenges for Banga will be reforming the World Bank, which the financial institution itself is pushing for.
His term of office is five years and he was the only candidate for the position he would hold from 2 June.
David Malpass unexpectedly announced his resignation in February. The 66-year-old American economist was nominated for this position by former US President Donald Trump. Malpass, who led the Multilateral Development Bank for more than four years, attracted attention last year, among other things, with his remarks about global warming.
According to its critics, it calls into question climate change caused by human activity.
The US government chooses the head of the World Bank and European leaders choose the head of the International Monetary Fund
Joe Biden praised freshman aspirant Ajay Banga for his experience building public-private partnerships to address financial inclusion and climate change. Ajay Banga retired in December 2021 after 12 years at the helm of Mastercard Inc, where he set a goal of bringing 1 billion people and 50 million micro and small businesses into the digital economy by 2025, as well as climate change, gender equality and work. in the field of sustainable agriculture.
