Biden's choice, Ajay Banga named sole nominee for World Bank presidency

Ajay Banga, a former CEO of Mastercard Inc. and a member of various international councils, has been named as the sole nominee for the presidency of the World Bank Group.

The announcement was made in a statement by the Board of Executive Directors, which said that Banga's candidacy had been proposed by President Joe Biden, and no other country proposed a candidate.

The nomination period for the World Bank Group's topmost position closed on Wednesday, March 31, 2023, after five weeks of being open.

According to the statement, "The board received one nomination and would like to announce that Ajay Banga, a U.S national, will be considered for the position."

"The Board looks forward to the timely conclusion of the selection process," the statement read.

What you should know about Ajay Banga

Banga is a member of various international councils, including the Council on Foreign Relations and the International Business Council of the World Economic Forum. He previously chaired the U.S.-India Business Council, a body that represents over 300 companies.

Banga, who was born in India and is now 63 years old, will undergo a formal interview with the Board of Executive Directors in Washington D.C. prior to the conclusion of the selection process.