Washington D.C. - The World Bank has announced that Ajay Banga will take over as the new Chief Executive Officer of the international financial institution. Banga, a veteran banker, and former CEO of Mastercard, will succeed Kristalina Georgieva, who resigned last year to become Managing Director of the International Monetary Fund.
Banga, an Indian-American, has spent his career in the financial sector, having previously held senior roles at Citigroup and Nestle. He is widely respected in the industry and has been recognized for his contributions to business and philanthropy.
In a statement, World Bank President David Malpass praised Banga's "exceptional experience and leadership skills," saying that he would bring a "deep understanding of finance and development" to the role.
Banga, for his part, expressed his excitement at the opportunity to lead the World Bank, stating that he was "honored to be entrusted with such an important responsibility." He added that he looked forward to "working with the Bank's talented staff and partners to advance its critical mission of fighting poverty and promoting sustainable growth."
The World Bank, founded in 1944, is one of the world's largest sources of funding and technical assistance for developing countries. Its primary focus is on poverty reduction and promoting economic development in low-income countries. The Bank has been under pressure in recent years to adapt to a changing global economic landscape, including increasing competition from China and other emerging market economies.
Banga will take over as CEO on June 1st, 2023, following a brief transition period. He will be the first person of Indian origin to hold the top job at the World Bank, and is widely expected to bring a fresh perspective and new ideas to the institution.