Biden’s nominee Banga to succeed Malpass as World Bank president
The World Bank Group has announced Ajay Banga, proposed by President Joe Biden, as the only nominee for its topmost position.
The period for submitting nominations closed Wednesday at 6:00 pm ET, five weeks after it was announced.
“The board received one nomination and would like to announce that Ajay Banga, a U.S national, will be considered for the position,” a statement reads.
The Board of Executive Directors will conduct a formal interview with Banga in Washington D.C., ahead of the conclusion of the selection.
In February, Biden recommended the 63-year-old “well-equipped” American. No other country proposed a candidate.
India-born, Banga is a former Mastercard Inc. chief and previously chaired the U.S.-India Business Council (USIBC), a body of over 300 companies.
The Vice Chairman at General Atlantic is a member of the Council on Foreign Relations, and the International Business Council of the World Economic Forum, among others.
Banga will succeed World Bank President, David Malpass, 67, who will step down in June, 10 months before the end of his term.
The economist’s tenure was eventful as he led the institution through the COVID-19 pandemic, supporting countries with funds to manage the crisis.