Indian-American business leader Ajay Banga is becoming the next President of the World Bank after the nomination period closed and with no country proposing an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
As no alternatives were announced to 63-year-old Banga, the World Bank on Wednesday closed a month-long window for nominations for its next president.
The former Mastercard Inc. chief, Banga is currently serving as vice chairman at General Atlantic. If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
The bank's board is expected to announce the next steps in its selection process.
"We expect that Ajay Banga – President Biden's nominee – will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday. “He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. "This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
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