Indian-American business leader Ajay Banga to lead World Bank

Former Mastercard Inc. chief Ajay Banga is all set to be elected unopposed as the World Bank President by US President, Joe Biden. The Indian-American business leader Ajay Banga will replace erstwhile Trump-appointed World Bank President, David Malpass, who stepped down from his role in June last year before fulfilling his tenure scheduled to end in April 2024.

“Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga – President Biden’s nominee – will be elected President of the World Bank,” said US treasury secretary Janet Yellen on Wednesday at a congressional hearing.

“He will be charged with accelerating our progress to evolve the institution to better address 21st-century challenges. This evolution will help the bank deliver on its vital poverty alleviation and development goals,” she added.

The global entity has come under criticism for not safeguarding the interests of the poorer nations and was labelled as elitist by critics.

Ajay Banga is poised to become the first Indian-American to helm two leading global financial institutions, viz. the World Bank and the International Monetary Fund.

For those not well-acquainted with Ajay Banga, here are five interesting facts about the Indian-American business leader.

1. Presently, Ajay Banga is serving as the Vice President of General Atlantic – an American private equity firm that has reportedly invested more than 800 million dollars in solar power, EV charging stations, and sustainable farming.
2. His noteworthy accomplishments as the Mastercard CEO include assisting 500 million individuals to join the digital economy, preventing the layoffs of 19,000 employees of the organization during the COVID-19 pandemic, and addressing issues like climate change, gender equality, and sustainable agriculture.
3. He has amassed 30 years of business experience by serving multiple roles at Mastercard and on the boards of Kraft Foods, American Red Cross, and Dow Inc.
4. Luis Alberto, ex-President of the Inter-American Development Bank, and former colleague of Ajay Banga said, “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.”
5. According to an erstwhile Indian government economic advisor, Krishnamurthy Subramanian, has backed Ajay Banga and termed his imminent appointment as an elegant solution.

(Information sourced from Live Mint)

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