Basu, an Indian, will also double as a Senior Vice President of the Bank, a statement from the World Bank announced.
“Basu begins his term October 1, 2012,” the statement said.
“Kaushik brings first-hand experience from a developing country and will be a terrific asset to the institution,” World Bank Group President Dr Jim Yong Kim said in a statement.
“Having worked in a Ministry of Finance, in addition to his impressive academic achievements, Kaushik is uniquely suited to help us offer evidence-based solutions and advice to client countries and provide innovative excellence in leading our development research,” Dr Kim added.
Kaushik Basu, who holds a PhD from the London School of Economics, is a Professor of Economics and the C. Marks Professor of International Studies at Cornell University. He also served as Chairman of Cornell’s Department of Economics and Director of Cornell’s Center for Analytic Economics and headed the Program on Comparative Economic Development.
Basu founded the Centre for Development Economics at the Delhi School of Economics in 1992 and is a founding member of the Madras School of Economics.
By Ekow Quandzie