Thursday, 28 September, 2023

Ajay Banga starts work as new World Bank president

Ajay Banga starts work as new World Bank president

Popular News

Ajay Banga began his first day at the helm of the World Bank Group on Friday, taking charge of the development lender as it grapples with questions about its future direction.

"We are at a critical moment in the arc of humanity and the planet," Banga wrote Friday morning in an email to staff obtained by AFP, calling on the bank to "evolve" to meet the challenges it now faces.

An Indian-born, naturalized US citizen, Banga was nominated to the position by US President Joe Biden after a successful business career which included a long stretch running the payments company Mastercard.

Banga, 63, has taken over from David Malpass as the bank's 14th president on a pledge to expand the role of the private sector in addressing the world's development needs.

Banga took over the top job at the World Bank from Malpass, who stepped down early from his five-year term amid questions about his stance on climate change.