Ajay Banga Is World Bank’s Sole Nominee For President

The World Bank Group’s board of executive directors has announced that Ajay Banga, a U.S. national, is the only nominee for the position of the bank’s next president.

The announcement was made 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 February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 p.m. ET,” the statement said.

It added, “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.”

In February, U.S. President Joe Biden nominated Mr Banga to lead the World Bank, citing his suitability to lead the institution at a critical moment in history. No other country has proposed an alternative candidate for the post.

Mr Banga, who was born in India and is a naturalised U.S. citizen, a former chief of Mastercard Inc. and currently serves as vice-chairman at General Atlantic.

If confirmed, Mr Banga would be the first-ever Indian-American to head either of the two top international financial institutions, the International Monetary Fund and the World Bank. He is expected to replace World Bank President David Malpass, who will step down in June, almost a year before his term expires. Mr Malpass faced criticism over the bank’s commitment to climate action and his personal views on climate change.