Ajay Banga, an Indian-American business leader, has emerged as the only nominee for the position of the next World Bank President after the deadline for the nomination closed with no other country nominating a candidate.

The World Bank Group’s board of executive directors disclosed this in a statement noting that Banga, the US national, has been considered for the position, following the end of submission for nomination of the next World Bank president.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the presidential selection in due course.”
World Bank Group

Meanwhile, Joe Biden, the US President had earlier nominated Banga to lead the World Bank saying that he is well equipped to lead the global institution at this period of uncertainty.

Banga is expected to replace David Malpass, the current World Bank president, who will step down in June 2023.

Prior to his nomination, Banga spent 11 years as Mastercard’s president and chief executive officer before becoming the company’s executive chairman. He is currently the Vice Chairman at General Atlantic, and a global leader in technology, data, financial services and innovating for inclusion.

Over the course of his career, he has served as an advisor to governments, companies and organisations of all kinds, advocating for partnership and systems that deliver on profit and purpose. He was born in India and is a naturalized US citizen, to become the first-ever Indian-American to head the World Bank.

Russia, the Only Country Hinted of Mounting Opposition to Ajay’s Nomination

However, the only indication of challenge to Ajay’s nomination came from Russia. Russia stated that it was consulting with its allies about challenging the United States’s nominee to head the World Bank, Moscow’s top representative at the bank has said, a move that was expected to complicate what was expected to be a smooth succession process.

Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called “hostilities against the people of Ukraine” following Russia’s invasion.

Roman Marshavin, the World Bank Executive Director representing Russia and Syria, told the “listing of potential candidates and consultations are still ongoing,” but gave no details. He said the decision would be made in Moscow.

Marshavin was quoted as saying he was in discussions with other countries about possible candidates, including Russian financiers and foreign economists, former heads of international organisations, as well as several ex-ministers of finance and heads of central banks.

US President Joe Biden last month nominated ex-Mastercard Chief Executive Officer Ajay Banga, 63, to replace David Malpass at the helm of the World Bank, which oversees billions of dollars in funding for developing countries.

Banga, meanwhile, has embarked on a tour around the world including Africa. He already received a number of endorsement in some countries including India, Ghana and Kenya, France and Germany, Bangladesh, among others.

With no one challenging him, he is the likely to emerge as the next President of the World Bank.