Ajay Banga Ready To Become World Bank President Unopposed
WASHINGTON: Ajay Banga, an Indian-American businessman, will likely succeed as President of the World Bank after the nomination process ended and no other country proposed an alternate candidate for the post.
President Joseph Biden declared in February that the United States would nominate Banga to manage the World Bank because he is "well suited" to serve as the organization's head, as this was a significant period in history.
The World Bank closed the nomination period for its new president on Wednesday without announcing any candidates to replace the 63-year-old Banga.
Banga, the former CEO of Mastercard Inc. is appointed as the vice chairman for General Atlantic. In order to confirm a new boss by early May, the bank's board is anticipated to reveal the next steps in its selection process on Thursday.
"You will witness a significant change at the World Bank during the coming months. President Ajay Banga is anticipated to become the new president of The World Bank who is also elected by Biden”Secretary of the US Treasury.
Yellen addressed legislators during a Wednesday's hearing before Congress and stated, "He will be responsible for speeding up our efforts to improve the institution. This evolution will assist the Bank in achieving its crucial aims of eradicating poverty and promoting development."
With confirmation, Banga would become the first-ever Sikh and Indian-American to hold the positions of either of the two leading international financial organisations: the International Monetary Fund and World Bank. David Malpass, the current president of the World Bank, will step down in June, almost a year before his term is set to expire.
Banga is anticipated to succeed Malpass. Malpass came under fire for the bank's dedication to climate action and about his individual stance on climate change. According to reports last week, China expressed scepticism about supporting Banga and indicated that it was "open" to supporting "other viable candidates" on the basis of merit.
Nonetheless, Banga was overwhelmingly backed by powerful nations around the globe, including India. Banga has travelled to various nations in the wake of his nomination to solicit support. In an open letter, 55 individuals, including four Nobel Laureates, luminaries, business leaders, academics, and previous government officials, welcomed and supported Banga's nomination as the World Bank's next president.
Also Watch: