IFC

Over the past two years, a drumbeat of calls for reforming the World Bank has pushed its way onto the front pages of major newspapers and the agenda of heads of state. Many low- and middle-income countries – the population the World Bank is tasked with helping – are falling deeper into debt and facing growing costs as the impacts of climate change increase in severity. A chorus of critics accuse the World Bank of failing to evolve to meet the crises. The job of leading that reform now falls to Ajay Banga, an Indian American businessman and former CEO of Mastercard who was nominated by President Joe Biden to replace resigning World Bank President David Malpass. Banga, the only candidate for the job, was confirmed by the World Bank’s executive directors on May 3, 2023. His five-year term as president begins on June 2. Ajay Banga is a former Mastercard CEO, past chair of the International Chamber of Commerce and an Amer...