Know about Ajay Banga, the Indian-American executive nominated to lead the World Bank

Former Mastercard CEO Ajay Banga was announced on Thursday (23 February) as the United States’ choice for the post of President of the World Bank.

Banga is “uniquely equipped to lead the World Bank at this critical moment in history”, US President Joe Biden said in a statement, adding that he has the “public commitment to address the most urgent challenges of our time”. – Significant experience in mobilizing private resources, including on climate change.”

Treasury Secretary Janet Yellen said Banga’s experience “will help achieve the World Bank’s objectives of alleviating extreme poverty and expanding shared prosperity while pursuing the changes needed to grow the institution effectively.” This includes meeting “ambitious targets for climate adaptation and emissions reduction”.

About Ajay Banga

Banga is the first Indian-born candidate for the post of President of the World Bank. If elected, he would replace David Malpass, a Trump administration appointee who said he would leave his position in June.

Banga was raised in India before becoming a United States citizen. He was born on November 10, 1959, in Pune, Maharashtra, a western Indian state. His father Lieutenant General Harbhajan Singh Banga was in the Indian Army.

Mastercard and the American Red Cross, Kraft Foods, and Dow Inc. Banga, who is currently the vice chairman at private equity firm General Atlantic, has over 30 years of experience, in addition to serving on various boards. business expertise. In addition, he has worked with companies including Citigroup, Pepsi, and Nestlé, according to his LinkedIn profile.

He served as the CEO of Mastercard for 12 years before stepping down in December 2021. The company aims to attract 1 billion individuals and 50 million micro and small companies during Banga’s management, as reported by Moneycontrol.

In his role as co-chair of the Partnership for Central America, a group of private sector organizations, Banga has worked with US Vice President Kamala Harris to mobilize resources for northern Central America from the government, corporate and non-profit sectors.