The World Bank is set to appoint Ajay Banga, an Indian-American business leader, as its next President, as he is the only nominee for the position.
The World Bank’s Executive Directors will conduct a formal interview with Banga before his appointment is formalized.
US President Joe Biden had earlier nominated Banga to lead the World Bank, citing his expertise and experience to handle the challenges faced by the global institution.
Banga is currently serving as Vice Chairman at General Atlantic and was the former CEO of Mastercard Inc.
His unique perspective on the challenges faced by developing nations and his role as Co-Chair of the Partnership for Central America have earned him recognition, including the Padma Shri award in 2016.
The selection process for the new leader of the World Bank is expected to conclude in early May.
With the US and Western nations pushing for reforms to address global issues such as climate change, Banga’s appointment is anticipated to be critical in shaping the bank’s agenda toward reducing poverty and expanding prosperity.