He has effectively built a broad global coalition around his vision for the Bank over the course of his candidacy,” Yellen said in a statement.
“Ajay understands that the challenges we face – from combatting climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined. Treasury Secretary Janet Yellen said Banga brought the “right leadership and management skills” to the job, and would play a critical role in pushing forward with additional reforms, including by forging partnerships between the public and private sectors and nonprofit groups. “He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction - including climate change.” “Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. The decision came in a vote by 24 of the board’s members, with Russia abstaining, instead of the usual consensus-based process, a source familiar with the process said.īiden congratulated Banga on his “resounding approval” to run the World Bank, which he described as “one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe.” Malpass’s last day at the bank will be June 1. The election came after World Bank board members interviewed Banga for four hours on Monday. The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.īanga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official who served in the Trump administration.
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