Next President Of World Bank:
Indian origin Ajay Banga was confirmed as the next President of World Bank.
- Ajaypal Singh Banga is an Indian-born American business executive.
- He is currently vice chairman at General Atlantic.[
- He was executive chairman of Mastercard, after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020.
- He retired from this position on December 31, 2021, to join General Atlantic.
- He is also the chairman of Netherlands-based investment holding company Exor and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris.
- The WB is an international financial institution that provides loans and grants to the governments of low and middle-income/developing countries for the purpose of pursuing capital projects.
- It was established along with the IMF at the 1944 Bretton Woods Conference.
- The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organisations owned by the WB Group.
- The President of the WB, who is the President of the entire WB Group, is responsible for chairing meetings of the boards of directors and for overall management of the Bank.
- The boards of directors consist of the WB Group President and 25 executive directors. The President is the presiding officer and ordinarily has no vote except to break a tie.
- The executive directors as individuals cannot exercise any power or commit or represent the Bank unless the boards specifically authorised them to do so.