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 alternative 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 institutionat “this critical moment in history”.

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.

Former Mastercard Inc. chief Banga at present serves as the vice-chairman at General Atlantic.

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.

“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 World Bank deliver on its vital poverty alleviation and development goals,” Yellen said. PTI