Indian American Ajay Banga set to become President of World Bank
Banga has become the first-ever Indian-American to head the World Bank. He replaces David Malpass, who announced his decision to step down in February. Treasury Secretary Janet Yellen meets with World Bank President Ajay Banga at the Treasury Department, Thursday, June 1, 2023, in Washington. WASHINGTON: Indian American Ajay Banga on Friday took over as the President of the World Bank, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund. On May 3, the Executive Directors of the World Bank selected Banga, 63, as the 14th President of the World Bank for a five-year term. In February, President Joe Biden announced that the US would nominate Banga to lead the World Bank. "Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet," the World Bank said in a tweet with a picture of Banga ent...