The World Bank Group President, Ajay Banga, has announced the appointment of Nobel laureate Michael Kremer as the bank’s Chief Economist and Senior Vice President for Development Economics.
The appointment brings one of the world’s foremost development economists to the institution to lead its research, data, and analytical agenda.
The World Bank Group disclosed this in a press statement issued on Wednesday, September 16, 2026, stating that Kremer’s appointment will take effect on October 1, 2026.
The Bretton Woods institution said Kremer is known for tackling real-world problems through innovative solutions grounded in rigorous research and translating his findings into programmes that have reached hundreds of millions of people, from expanding vaccine access and school health programmes to supporting smallholder farmers.
World Bank Group President Banga said Kremer is joining the institution at a time when the world needs bold solutions to urgent development challenges.
The World Bank Group has moved to strengthen the connection between knowledge and impact, ensuring that research and data drive its analytical agenda, shape policies and scalable solutions across the public and private sectors, and inform its investments, partnerships, and interventions around the world.
Kremer will take over from Indermit Gill, who held the post for four years from September 2022 and left the World Bank in late August.
He is the first economist to join the World Bank with a Nobel Prize already in hand. Others, including Joseph Stiglitz and Paul Romer, received the honour after serving as chief economist.
Kremer’s appointment comes as the World Bank continues to emphasise research, evidence, job creation, private capital, and scalable development solutions.
Kremer, who holds a PhD in Economics from Harvard University, currently serves as Director of the Development Innovation Lab at the University of Chicago, where he is a University Professor.
He has conducted research across areas including economic growth, technological change, and development economics. In 2019, he was jointly awarded the Nobel Prize in Economics with Abhijit Banerjee and Esther Duflo for their “experimental approach to alleviating global poverty.”
Kremer will assume his new role at the World Bank on October 1, 2026.
The World Bank in July 2025 appointed Mathew Verghis as its new Country Director for Nigeria.
He succeeded Ndiame Diop, who took on a new role within the institution.
The appointment was part of the World Bank’s leadership structure overseeing its engagement with Nigeria.
