The World Bank recently selected a new president to a five-year term beginning 2 June this year.
Ajay Banga, former president and CEO at Mastercard and former vice chairman at global equity investor General Atlantic, replaces David Malpass who served as chief economist at Bear Sterns prior to his stint at the World Bank.
The World Bank chief is selected by a 25-member executive directors group who keep to a nomination process that is open, merit based and transparent. World Bank executive directors or governors of any member nation may be nominated and selected following a thorough due diligence and interview by the executive directors.
For the Philippines, Banga’s leadership at the multilateral financial institution comes at a time when the government has launched an ambitious infrastructure buildup program that has attracted World Bank support totaling $7.5 billion to help the country push past the Covid-19 pandemic.
Reports indicate the Philippines is the seventh largest borrower among 189 member countries of the World Bank.
