Who is Ajay Banga, the first Indian-American nominated to lead World Bank? 5 points
2 min read . Updated: 24 Feb 2023, 06:04 AM IST
PremiumUS nominee for World Bank President: Ajay Banga is appointed as the vice chairman at private equity firm General Atlantic, a US private equity firm.
US President Joe Biden has nominated former Mastercard CEO Ajay Banga for the position of World Bank president as Donald Trump appointee David Malpass will step down from his role this June before completing his tenure in April 2024.
The early departure of David Malpass from the 189-nation poverty reduction agency was seen as an opportunity for the USA to come up with a leadership that can lead the organization for the welfare of less-wealthy nations.
The US government nominated Ajay Banga for his expertise in handling global challenges including climate change, which is the topmost priority for it. World Bank is often criticized for being hostile to undeveloped nations.
Dr Sangita Reddy, Apollo Hospitals Group Managing Director congratulated Ajay Banga for being nominated as the next World Bank President.
All you need to know about Ajay Banga
1) Currently, Ajay Banga is appointed as the vice chairman at private equity firm General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power, and sustainable farming.
2) He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank's 19,000 employees during the Covid-19 pandemic, and led work on climate, gender, and sustainable agriculture.
3) In total, he has more than 30 years of business experience in handling different roles at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc.
4) Notably, he is the first Indian-born nominee for the role of World Bank President. Joe Biden expressed confidence in Ajay Banga's leadership and said he is uniquely equipped to lead the World Bank at this stage. Biden also stated that Ajay has a critical experience mobilizing public-private resources to tackle the most urgent challenges.
5) Banga's work in India and other emerging markets, his "obsession" with expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets, said Luis Alberto Moreno, who worked closely with Banga while serving as president of the Inter-American Development Bank.
6) India was expected to support Banga's candidacy, according to Krishnamurthy Subramanian, the former top economic adviser to the Indian government who now serves as India's executive director at the International Monetary Fund. "It's an elegant solution."
(With inputs from agencies)