Ajay Banga News: Indian-American business leader Ajay Banga appointed as World Bank President for five-year term
Ajay Banga News: Banga, 63, was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official during the Trump administration.
Sources familiar with the process said they expect Banga to win the board’s approval handily after several meetings with board members in recent weeks and a formal interview on Monday.
Banga is expected to start the new job in early June.
One of the sources said Banga had impressed World Bank shareholders in recent weeks as a “true change maker” who will help accelerate reforms at the global development bank. It already loans out hundreds of billions of dollars to developing countries but is working to increase its lending to help them address global challenges such as climate change.
U.S. Treasury Secretary Janet Yellen told Reuters last month that attracting more private capital for development goals would be a key area of focus for Banga if he is approved.
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