US President Joe Biden has nominated the name of Former CEO of Mastercard Ajay Banga for the position of Head of the World Bank. Biden said that Banga is equipped with in-hand experience that is required to lead the World Bank during current times. The condition of the World Bank at the current stage is very sensitive and the Nation is searching for an eligible candidate that could lead the association.
Ajay Banga: The Man Nominated by US Prez
Joe Biden nominated Ajay Banga to lead the World Bank on Thursday. Ajay Banga has previously served as CEO of Mastercard. US President nominated Banga months after current World Bank President David Malpass announced his resignation back in July 2022.
Banga will await the World Bank board’s final order after which he will finally serve as President of the association. He will have to balance the climate agenda of the US. He will manage the bank’s largest stakeholder. Banga will work on fighting poverty and funding economic development projects within national borders.
Ajay Banga Early Life and Career
Ajay Banga was born on November 10, 1959, in Pune, Maharashtra. He attained Bachelors of Arts (degree) in Economics. His professional career has been a roller-coaster as he has dealt with very critical economical issues during his life.
Professional Career
- Banga has worked with renowned companies throughout his career starting with Nestle in 1981.
- He later joined PepsiCo and participated in the launch of the fast-food franchise in India.
- Banga participated in social development issues later on from 2005-2009. He was assigned as CEO of Mastercard on July 1, 2010.
- In 2020, he was elected as chairman of the International Chamber of Commerce (ICC). He previously also served as ICC’s First Vice-Chair since June 2018.
- On January 2022, Banga was appointed as Vice Chairman at Grand Atlantic.
- On February 2023, US President Joe Biden nominated Ajay Banga to lead the World Bank.
Activities by Ajay Banga
Corporate Boards
| Exor:- | Member of the Board of Directors (since 2021) |
| Temasek Holdings:- | Member of the Board of Directors (since 2021) |
| BeyondNetZero:- | Member of the Advisory Board |
| Dow Chemical Company:- | Member of the Board of Directors (since 2021) |
Non-profit Organizations
| International Chamber of Commerce (ICC):- | Chair (since 2020) |
| American Red Cross (ARC):- | Member of the Board of Governors (since 2014) |
| Economic Club of New York:- | Vice Chair of the Board |
| Peterson Institute for International Economics:- | Member of the Board of Directors |
| Trilateral Commission:- | Member |
| American India Foundation:- | Co-Chair of the Board of Directors (2016) |
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We congratulate Ajay Banga on being the U.S. nominee to lead the World Bank. His impact on our business and in advancing inclusive growth across the globe is well documented. We look forward to our continued work with the World Bank and with Ajay, if appointed by the board. pic.twitter.com/DxZjznNafi
— Mastercard News (@MastercardNews) February 23, 2023
This is wonderful news because #AjayBanga’s upbringing in, & familiarity with, India should predispose him to be sensitive to our concerns. Stephanians can feel especially proud that one of our own has scaled such a height! @WorldBank @StStephensClg pic.twitter.com/bR4BpnbqFy
— Shashi Tharoor (@ShashiTharoor) 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