Ajay Banga, an Indian-American executive in the business world, was proposed by Vice President Joe Biden as the next President of the World Bank on Thursday. If Banga’s nomination by the board of directors of the World Bank is successful, he will become the first Indian-American to head either of the top two international financial institutions, which are the International Monetary Fund and the World Bank. Banga is 63 years old.
David Malpass, a banker from the United States, served as the president of the World Bank Group until a little over a week ago, when he resigned from his position. Malpass will step down from his position on June 30, approximately one year before the end of his current five-year term. Donald Trump, who was the president of the United States at the time, made the selection in 2019.
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Who is Ajay Banga?
Banga was raised in India. After completing his education at Hyderabad Public School, he attended the University of Delhi’s St. Stephen’s College to earn a Bachelor of Arts in Economics. Subsequently, he attended the Indian Institute for Management in Ahmedabad to earn a Master of Business Administration degree.
Beginning his professional life with Nestle in 1981, he later worked for Pepsico and Citigroup after leaving that company. In addition to that, he served as President and Chief Executive Officer of the financial services provider Mastercard. When Banga met the current Prime Minister of India, Narendra Modi, in New York in 2014, shortly after Modi’s election, the two men discussed India’s prospects in the business community of the United States.
A senior official in the US administration was speaking to the press when they made the following statement: “At Mastercard and General Atlantic, Ajay has made combating climate change and mobilising private capital to help power the green transition a priority.”
According to the official, these are the kinds of experiences and priorities that will direct and motivate his work in the years to come at the World Bank. Yellen expressed her support for Biden’s choice in a statement that was released separately on Thursday.
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Yellen believes that Banga “has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history.” Banga was selected because he possesses all of these qualities.
She went on to say that he will be able to “mobilise the private capital and press for the reforms needed to meet our shared ambitions” thanks to his track record of forming partnerships between the public sector, the private sector, and non-profit organisations.
When asked about the World Bank’s encouragement for women candidates, a US official told reporters that Banga, who was born, raised, and spent the early part of his career in emerging market India, had a “personal conviction and excellent track record” in promoting diversity in his work. Banga was born in India, where he also spent the early part of his career.
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