World Bank announces Ajay Banga as sole nominee for President

The World Bank Group’s Board of Executive Directors announced that Ajay Banga, a U.S. national, was the only nominee for the position of the next President of the bank.

This is contained in a statement issued by the World Bank in Abuja on Friday.

“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on Feb. 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET”.

“The board received one nomination and would like to announce that Ajay Banga, a U.S. national, will be considered for the position.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course,” the board said.

Our correspondent reports that in February, US President Joe Biden nominated Banga to lead the World Bank saying that he is “well equipped” to lead the global institution at “this critical moment in history”.

No other country proposed an alternate candidate for the prestigious post.

Banga, 63, was born in India and is a naturalised U.S. citizen.

The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.

It was also reported that if confirmed, Banga would become the first-ever Indian-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.

Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.