Mr. Ajay Banga made history when he was appointed the next president of the World Bank. He is the first-ever Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
The president of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development.
According to President Biden, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.”
In a press statement the bank stated that “The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023”.