NE BUSINESS BUREAU
NEW DELHI/WASHINGTON, FEB 23
IIM Ahmedabad alumnus Ajay Banga’s nomination by the US all but assures he will assume a job that oversees billions of dollars of funding as the institution embarks on a major series of reforms to better respond to climate change and other pressing challenges facing developing countries.
Ajay Banga, 63, is an Indian-American currently serving as vice chairman at equity firm General Atlantic.
- Ajay Banga is uniquely equipped to lead the World Bank at this critical moment in history: US President Joe Biden
- Indiaspora applauds the nomination of Ajay Banga for President of the World Bank.
- Ajay has notably been awarded the Padma Shri Award by the President of India in 2016
Ajay Banga is uniquely equipped to lead the World Bank at this critical moment in history, US President Joe Biden said on Thursday as he nominated the ex-Mastercard CEO, an Indian-American, to head the international financial institution.
Statement from Biden nominating Ajay Banga, raised in India, for the post of World Bank president: pic.twitter.com/27R3UEMtkD
— Sriram Lakshman (@slakster) February 23, 2023
Ajay Banga will be a transformative World Bank President. I have seen firsthand the great insight, energy, and persistence he brings to address global challenges and promote economic opportunity – and I look forward to continuing to work together.
Read my full statement. pic.twitter.com/0hnxjddtu3
— Vice President Kamala Harris (@VP) February 23, 2023
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change,” Biden said in a statement.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”
The development lender has started accepting candidate nominations in a process that will run until March 29. The World Bank has historically been headed by someone from the United States, its largest shareholder, while the leader of the International Monetary Fund (IMF) is customarily European. However, developing countries and emerging markets have pushed to widen those choices, according to Reuters.
Germany, another major shareholder, has pushed for a woman to take the job since the bank has never been headed by a woman in its 77-year history.
Born in Pune, Banga received B.A. in economics from St. Stephen’s College, Delhi University. He is also an alumnus of the Indian Institute of Management, Ahmedabad. He joined MasterCard as president and chief operating officer in August 2009 and was named its CEO in April 2010. Banga worked for 13 years with Nestle, India and also spent two years at Pepsico, before joining Citigroup in 1996 where he served in a variety of positions of increasing responsibility, including as CEO of its Asia-Pacific region. He was also a member of Citi’s senior leadership and executive committees.
Indiaspora applauds the nomination of Ajay Banga for President of the World Bank
Indiaspora has released the following statement in response to the announcement of President Joe Biden’s nomination of Ajay Banga, an Indiaspora Founders Circle member, as President of the World Bank.
MR Rangaswami, Indiaspora Founder and Chairman, said, “I am delighted that Ajay has been nominated by President Biden to lead the World Bank. It is great to see such an eminently qualified Indian-American nominated for this prestigious international leadership role. Especially relevant, given recent commentary around the Bank’s mission and objectives, is that Ajay brings a sharp focus on climate resiliency and environmental sustainability. In nominating him to this position, the President has made an inspired choice.”
Sanjeev Joshipura, Indiaspora’s Executive Director, commented, “Ajay Banga’s global private sector background, during which he initiated and led Mastercard’s financial inclusion efforts, will be of immense value in enhancing his effectiveness as World Bank President. Moreover, as the first Indian-born nominee to this role, he brings a lived understanding of the challenges faced by developing nations. Large, complex and multifaceted problems, such as those the World Bank endeavors to resolve, are not new for Ajay to handle.”
Ajay is a global leader in technology, data, financial services and innovating for inclusion. Ajay has more than 30 years of business experience, including heading Mastercard and serving on the boards of the American Red Cross, Kraft Foods and Dow Inc. He serves as Honorary Chairman of the International Chamber of Commerce, having served as Chairman from 2020 to 2022. He is also Chairman of Exor and Independent Director at Temasek. Ajay is a member of the Trilateral Commission, the Co-Chair of the Partnership for Central America, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations and Chairman Emeritus of the American India Foundation. Among his many distinguished awards, Ajay has notably been awarded the Padma Shri Award by the President of India in 2016, the Distinguished Friends of Singapore Public Service Star in 2021.
