President Joe Biden and Vice President Kamala Harris congratulated Indian-American businessman Ajay Banga on his confirmation as the new President of the World Bank for a term of five years. He is the first Indian-origin nominee for the role. Banga was nominated by President Biden, who called him a “transformational leader” with expertise, experience, and innovation to lead the international financial institution. Biden believes that Banga’s leadership will help steer the World Bank as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change.
The President also noted that Banga will be instrumental in bringing together the public and private sectors and philanthropies to usher in the necessary changes in development finance. Biden congratulated Banga on his resounding approval by the Bank’s Board of Governors, stating that he is confident that Banga will serve the institution with distinction.
Vice President Harris also took to Twitter to congratulate Banga, whom she had worked with in Central America. Harris praised Banga for his incredible partnership in their work in Central America, which had delivered hope and opportunity on the ground. She expressed her eagerness to continue working with him.
Since his nomination, Banga has been traveling to various countries, meeting with their governments from the World Bank’s diverse shareholder base, and engaging with stakeholders from both the private and philanthropic sectors.