Ajay Banga, an Indian-American business leader, is set to head the World Bank after emerging as the sole candidate.
The bank, in a statement on Thursday, said Mr Banga will be considered for the position of the next president after the nomination period ended Wednesday.
“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on 22 February, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, 29 March at 6:00 pm ET,” the statement said.
“The Board received one nomination and would like to announce that Mr Ajay Banga, a U.S. national, will be considered for the position.
“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course.”
Mr Banga is expected to replace David Malpass, the current World Bank president.
In February, President Joe Biden announced that the US would be nominating Mr Banga to lead the World Bank, noting that he is uniquely equipped to lead the global institution at this critical moment in history.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Mr Biden said.
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“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”
The US president said that Mr Banga has a proven track record of managing people and systems, and partnering with global leaders around the world to deliver results.
Mr Banga, 63, was born in India and is a naturalised US citizen.
He grew up in different parts of the country due to his father’s job as an army officer, before getting his start in business at the Indian subsidiary of Nestle in the early 1980s.
He went on to have a successful business career in India and later relocated to the United States.
Mr Banga ran the payments company Mastercard for more than a decade between 2010 and 2021 and has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.
He is currently vice chairman at private equity firm General Atlantic, according to The Times of India.
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