Indian-American Ajay Banga has been appointed as the new President of the World Bank, marking a significant milestone in the institution's history. The announcement was made by the World Bank's Board of Executive Directors on their official website on May 3, 2023.
Banga, a former head of Mastercard received congratulations from leaders around the world, including Finance Minister Nirmala Sitharaman.
Sitharaman tweeted, "Hearty congratulations Ajay Banga on being selected as the President of @WorldBank. I am confident that you'll bring your wide experience in the corporate world for meeting the goals of the bank."
United States Vice President Kamala Harris also congratulated Banga, tweeting, "Congratulations to Ajay Banga on his election as President of the World Bank. Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together."
William Samoei Ruto, President of The Republic of Kenya also congratulated Ajay Banga. He wrote ' Kenya congratulates Ajay Banga on his appointment as @WorldBank President. We look forward to his leadership that we hope will prioritize and fairly address challenges facing the global South.
Apart from global leaders, many industrialists, businessmen and financial institution leaders have also welcomed the decision taken by Joe Biden.
Michael Miebach, CEO of Mastercard congratulated Ajay Banga and spoke about how his leadership skills will be of huge benefit to World Bank
Werner Hoyer, President of the European Investment Bank Group congratulated Ajay Banga and also spoke to working together to solve many global challenges
Anand Mahindra, Chairman of Mahindra Group quoted Henry David Thoreau and encouraged Ajay Banga to restore World Bank's purpose & impact.
As the President of the World Bank Group, Banga will also serve as the Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the ex-officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
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