On Thursday, Nirmala Sitharaman, the minister of finance, expressed confidence that Ajay Banga, the next president of the World Bank, will use his expertise in business to further the objectives of the international lending organisation.
On June 2, Banga, 63, will become leadership of the World Bank. He will succeed David Malpass as president.
“My sincere congrats to Ajay Banga on being chosen to lead the @WorldBank. I have no doubt that you’ll use your extensive business expertise to help the Bank achieve its aims, Sitharaman said in a tweet.
The minister is now in Incheon, South Korea, where he is taking part in the Asian Development Bank’s (ADB) 56th annual conference.
Banga will lead the international financial organisation for the first time ever as an Indian-American.
“The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023,” the World Bank had said.
The World Bank will be led by Banga, who is “well equipped” to do so at “this critical moment in history,” according to US President Joe Biden, who made the announcement in February.
The most recent position held by Banga, who received the Padma Shri in 2016, was vice chairman of General Atlantic. Prior to this, he served as President and CEO of Mastercard, a multinational company with close to 24,000 people.
