(MENAFN) Ajay Banga has been nominated as the sole candidate for the position of president of the World Bank, after the period for submitting nominations for the position ended. The World Bank Group's board of executive directors announced that they received only one nomination, and that Banga, a US national, will be considered for the position. The board will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the presidential selection in due course.
Banga, 63, was nominated last month by US President Joe Biden, who described him as "a business leader with extensive experience" leading organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change. He has held various roles at PepsiCo and Nestle, and was elected chairman of the International Chamber of Commerce.
Born and raised in India, Banga was appointed in February 2015 by then-President Barack Obama to serve as a member of his Advisory Committee for Trade Policy and Negotiations. If approved, Banga would replace David Malpass, who is stepping down with one year left at the helm, after serving four years of his five-year term.
Banga's nomination as the sole candidate for the presidency of the World Bank has raised questions about the selection process and the lack of competition for the position. Some critics argue that a more open and transparent selection process would have been more appropriate, given the importance of the role and the impact that the World Bank has on the global economy.
However, supporters of Banga's nomination point to his extensive experience in leading organizations in developing countries and his commitment to addressing financial inclusion and climate change. They believe that he is the right candidate to lead the World Bank and address the challenges facing the global economy in the coming years.
The selection of the World Bank president is a crucial decision that affects the development and growth of the global economy. It is important that the selection process is transparent and fair, and that the candidate selected has the necessary skills and experience to lead the World Bank effectively.
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