Ajay Banga to visit India for first time after becoming World Bank President; to attend G20 meeting

World Bank President Ajay Banga will travel to India next week, his first visit to the country after taking over the helm of the global lender, to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad.

Indian-American Banga, 63, took over as the President of the World Bank in June, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.

The Executive Directors of the World Bank selected Banga as the 14th President of the World Bank in May for a five-year term after being nominated by US President Joe Biden for the post.

This would be Banga's first trip to India after he took over as the World Bank president.India is currently holding the presidency of the G20, an intergovernmental forum of the world's major developed and developing economies.

Gujarat is hosting four meetings of G20 in the first two weeks of July. These meetings will provide an opportunity for business representatives to share their perspectives, insights and policy recommendations on various economic and business-related topics and will play a very significant role in shaping global economic agendas and policies, according to officials.

The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

Collectively, the G20 accounts for 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.