WORLD NEWS | Ajay Banga uniquely positioned to lead World Bank at such critical time: US

WASHINGTON, April 22 (PTI) — Indian-American business leader Ajay Banga is a standout candidate with the unique ability to lead the World Bank at such a critical time, the United States said the bank plans to formally announce his appointment as president. .

In February, President Joe Biden announced that the United States would nominate Banga to lead the World Bank because of his ability to lead the global institution at “this pivotal moment in history.”

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On March 31, the World Bank closed its one-month window to nominate its next president without announcing a replacement for the 63-year-old Banga.

The global financial institution said Banga was the only applicant for the post of World Bank president.

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“He (Banga) has the unique ability to lead the World Bank at such a critical time, and he is an outstanding candidate,” State Department chief deputy spokesman Vedante Patel told a daily news briefing on Friday. told reporters.

“His leadership skills and management experience, along with his experience in the financial sector, will help to achieve the World Bank’s goals by eradicating extreme poverty and expanding prosperity, all in an ever-evolving and dynamic global playing field. Do, we’re dealing with a lot of new and pressing issues and challenges like climate change and global health challenges and other things,” Patel said.

Banga is the former CEO of Mastercard Inc. and currently serves as Vice Chairman of General Atlantic.

A new World Bank leader is expected to be elected in early May.

President Biden has said that Banga, who grew up in India, has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can achieve its ambitious agenda of reducing poverty and expanding prosperity.

He also worked closely with Vice President Harris as co-chair of the Central American Partnership.

He was awarded the Padmasambhava in 2016.

Banga is expected to take over the Poverty Bank at a critical time, as the United States and the West push for reforms focused on addressing a wide range of global issues, including climate change.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)