Ajay Banga nominated WB head.

• Recently, Indian American business executive Ajay Singh Banga was nominated by US President to head the World Bank.
• If confirmed by the World Bank Board of directors, he will be the first Indian-American to head either of the two top international financial institutions: the International Monetary Fund (IMF) and the World Bank.

About World Bank

• Created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF. The IBRD later became the World Bank.
• The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
• The World Bank is one of the United Nations’ specialized agencies.
• Members: 189 member countries including India
• Its Five Development Institutions:
  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC).
  • Multilateral Guarantee Agency (MIGA)
  • International Centre for the Settlement of Investment Disputes (ICSID)
    • India is not a member of ICSID.
  • The United States is the largest single shareholder, with 16.41% of the votes, followed by Japan (7.87%), Germany (4.49%), the United Kingdom (4.31%), and France (4.31%). The rest of the shares are divided among the other member countries.