The World Bank has confirmed that Indian-American business leader Ajay Banga is the only candidate nominated for the President position as the nomination period closed today. The World Bank closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
"In accordance with established procedures, the executive directors will conduct a formal interview with the candidate in Washington, DC, and expect to conclude the presidential selection in due course," the bank said in a statement.
In February, US President Joe Biden nominated Ajay Banga to lead the World Bank saying that he is "well equipped" to lead the global institution at "this critical moment in history." No other country proposed an alternate candidate for the prestigious post.
Under an unwritten arrangement, the United States has historically held the presidency of the Washington-based development lender, while the International Monetary Fund has been run by a European.
Banga, 63, was born in India and is a naturalized US citizen.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Banga is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
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