5 May 2023: Since being appointed, Mr. Banga has met with representatives from 96 governments and traveled a total of 39,546 miles during a three-week world tour.
Ajay Banga was named the World Bank's next president. It is a crucial juncture of the World Bank as it attempts to take a step towards climate change. He will be in office for the next five years starting on June 2.
Americans have served as the World Bank's president ever since it was founded at the end of World War II. Mr. Banga recently won over shareholders of the World Bank by establishing himself as a "true change maker" who will hasten the international development bank's reforms. The bank is under pressure to raise its money lending to assist developing nations in addressing global issues like conflict and climate change.
Few things to know about Ajay Banga
Ajay Banga, 63, a native of India who spent his formative years there, has become a citizen of the United States since 2007.
In 2016, Banga earned the third-highest civilian award in India, the Padma Shri.At General Atlantic, he most recently held the position of vice chairman.
From 2020 to 2022, Ajay Banga, an expert in finance and development, served as Honorary Chairman of the International Chamber of Commerce.
Late in February, US President Joe Biden put out his name for the post. Since being appointed, Mr. Banga has met with representatives from 96 governments and traveled a total of 39,546 miles during a three-week world tour to meet with representatives from eight different governments, business titans, and civil society organizations.
What does the World Bank do?
The World Bank is an organization that helps countries all around the world to become better and stronger. They do this by giving money to these countries to help them build things like schools, hospitals, and roads. They also give advice to these countries on how to use the money in the best way possible, so that they can improve the lives of the people who live there.
Think of it like a piggy bank that helps other piggy banks. When one piggy bank needs help to buy something important, like a new toy, the other piggy banks can chip in some of their money to help out. The World Bank is like the biggest piggy bank in the world, and it helps lots of different countries when they need it.
Currently, there are 189 countries that are members of the World Bank Group.
These countries are represented by a Board of Governors, which is made up of one governor and one alternate governor from each member country. The Board of Governors is responsible for making important decisions about the World Bank's policies and operations.
Some of the largest shareholders and contributors to the World Bank are the United States, Japan, China, Germany, the United Kingdom, and France. However, the World Bank also has many other member countries, including many developing countries from Africa, Asia, and Latin America.
Source: World Bank
In addition to serving as president of the World Bank Group, Mr. Banga will also head the IBRD's [International Bank for Reconstruction and Development] Board of Executive Directors. Along with a few other international boards, he will serve as the ex officio chair of the International Development Association (IDA) Board of Directors. Ex officio, a Latin phrase which translates to "from the office," refers to a person who holds an office and is qualified to receive specific benefits.
"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the development lender stated in a statement that was released soon after executives decided to give him a five-year tenure as CEO.