The World Bank has appointed Ajay Banga as its new President, effective June 2, 2023, for a five-year term saying the appointment followed an open, merit-based, and transparent nomination process agreed upon by shareholders in 2011.

Banga, who most recently served as Vice Chairman at General Atlantic, brings a wealth of experience to his new role. He was previously President and CEO of Mastercard. He also served as Honorary Chairman of the International Chamber of Commerce and Co-Chair of the Partnership for Central America, a coalition of private organizations advancing economic opportunity for underserved populations in El Salvador, Guatemala, and Honduras.

In addition, Banga was a board member of the American Red Cross, Kraft Foods, and Dow Inc. He is also a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He has received numerous accolades for his contributions, including the Padma Shri Award by the President of India in 2016 and the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019.

As the President of the World Bank Group, Banga will also serve as the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). He will also be ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), as well as of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Banga succeeds David Malpass, who has been the President of the World Bank since April 2019. The World Bank, which was established in 1944, is a vital source of financial and technical assistance to developing countries worldwide.