Washington, 4 May 2023: The World Bank Group has selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.

Ajay Banga has previously served General Atlantic, Mastercard, and the International Chamber of Commerce.

The nomination was submitted this year in February-March.

The Executive Directors of the World Bank Group, in a meeting on Wednesday, 3 May 2023, selected the President of the World Bank.

The shareholders in 2011 agreed upon the selection process which the Executive Directors followed.

The process included an open nomination. Any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.

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The Executive Directors, after the nomination, interview the nominee.

The President of the World Bank Group is also the Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD).

The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Ngozi Okonjo-lweala, DG WTO, had a meeting with Ajay Banga on 29 March 2023. In a meeting, they shared ideas about navigating multilateral institutions in an era of increased geopolitical tensions.

David Malpass, on February 15, 2023, announced that he will be stepping down from his position by June 30, 2023.

Malpass assumed the role of World Group President on April 9, 2019.