Former Mastercard CEO Ajay Banga Elected President of World Bank

In a significant development, the board of governors of the World Bank has elected Indian-born Ajay Banga as the organization’s president for a five-year term. The decision was announced on Wednesday, marking a new chapter in the World Bank’s leadership.

Prior to his appointment, Banga served as the CEO of Mastercard for over a decade, where he oversaw the company’s transformation into a leading digital payments platform. With his extensive experience in the finance and technology sectors, Banga is expected to bring a fresh perspective to the World Bank’s efforts to address global development challenges. This move has been widely reported in foreign media and is being viewed as a positive step towards greater diversity and inclusivity at the World Bank.