On Wednesday, the World Bank announced that Ajay Banga will be the new President of the global financial institution.

The Bank stated that it is excited to work with its first-ever Indian-American CEO at a time when developing countries are confronting some of the most difficult development difficulties.

“The World Bank’s Executive Directors today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023,” the bank said in a news release.

Banga is the first Indian-American and Sikh-American to lead either of the world’s two largest financial institutions, the IMF or the World Bank.

Banga is a native of South Delhi’s Defence Colony and the son of a former lieutenant general in the Indian Army.

He attended St. Edward’s School in Shimla and the Hyderabad Public School in Hyderabad.

He earned a Bachelor of Arts (Honours) in Economics from Delhi’s prestigious St. Stephen’s College before pursuing a PGP in Management (equal to an MBA) from the Indian Institute of Management, Ahmedabad.

The World Bank expresses its eagerness to collaborate with him on the World Bank Group Evolution process, “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the statement added.

Banga, the former CEO of Mastercard Inc., is now Vice Chairman of General Atlantic.

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