World Bank President: Indian-American Ajay Banga was on Wednesday named the 14th President of the World Bank. His tenure will be of five years, starting from June 2.
He will replace David Malpass, who was appointed by the outgoing
Banga was most recently vice chairman at General Atlantic. He previously served as the President and CEO of Mastercard. He has also worked in many boards.
He co-founded the Cyber Readiness Institute and formerly served as Vice President of the Economic Club.
During his campaign, Banga told reporters that he wanted to see an increase in private sector investment to manage funds for global challenges.
“Without the private sector there is not enough money,” he said, adding that an institution like the World Bank should set up a structure for risk sharing and raising private capital to achieve its goals.