Washington: Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."

World Bank closed nominations for its next president

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. The bank's board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May.

Banga to be elected as President of World Bank: Yellen

"Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden's nominee will be elected President of the World Bank," US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday. "He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals," Yellen said.

Banga received overwhelming support from major countries across the world, including India. Following Banga's nomination, he has travelled to several countries for support. A coalition of 55 advocates, academics, executives, luminaries, and former government officials including four Nobel Laureates wrote an open letter to welcome and support Banga's nomination as the next President of the World Bank.

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