Ajay Banga, an Indian-American business leader, is set to head the World Bank after emerging as the sole candidate for the World Bank's top job. The bank, in a statement on Thursday, said Mr. Banga will be considered for the position of the next president after the nomination period ended Wednesday.
“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on 22 February, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, 29 March at 6:00 pm ET,”
The statement reads, “The Board received one nomination and would like to announce that Mr. 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.”
Recall that US President Joe Biden endorsed Banga to lead the World Bank saying that he is “well equipped” to lead the global institution at “this critical moment in history.”
The former master card inc. who is 63- year-old was born in India and is a naturalized US citizen.
He is currently a vice chairman at private equity firm General Atlantic.
The current World Bank President David Malpass is expected to leave office in June, nearly a year before the expiration of his tenure in office.
This is a result of heavy criticism for being reluctant over the bank's commitment to climate action, and his personal view on climate change.