Who is Ajay Banga, the new president of the WORLD BANK?

The elections followed after the board members World Bank interviewed Banga for four hours on Monday. Malpas’ last day at the bank will be June 1. The decision was made in a vote of 24 board members, with Russia abstaining, instead of the usual consensus-based process, a source familiar with the process said.

Biden congratulated Banga on his “big endorsement” to lead The World Bankwhich he described as “one of humanity’s most critical institutions for reducing poverty and spreading prosperity around the world,” writes Reuters.

Joe Biden

Joe Biden (AP Photo/Evan Vucci)

“Ajay Banga will be a transformative leader, bringing expertise, experience and innovation to the position of president of the World Bank,” Biden said. “He will help guide the institution as it evolves and expands to address global challenges that directly impact its core mission of poverty reduction — including climate change.”

Who is Banga?

The World Bank has been run by an American since its founding at the end of World War II, while the International Monetary Fund is run by a European.

Banga, who was born in India and spent his early career there, has been a US citizen since 2007. Banga has met with officials from 96 governments since his appointment, the source said. He visited eight countries during a three-week world tour to meet with government officials, business leaders and civil society groups, flying a total of 39,546 miles (63,643 km).

Treasury Secretary Janet Yellen said Banga brought “real leadership and management skills” to the job and would play a key role in pushing forward additional reforms, including establishing partnerships between the public and private sectors and nonprofit groups.

The World Bank

A financial institution in Shanghai (Unsplash)

Source: BIZlife by bizlife.rs.

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