INDIA: Former Mastercard Chief Executive Ajay Banga is nominated as the new President of the World Bank. The Indian-American business head is currently serving as a vice chairman at equity firm General Atlantic and has about 30 years of commercial expertise.
It’s a proud moment for India as Banga is the first Indian-born candidate to be nominated for the World Bank. US President Joe Biden found Bangladesh perfectly qualified and capable enough to usher in the World Bank.
The redevelopment of the post comes days after Donald Trump appointed David Malpass to announce his plans to step down early. David’s five-year term was expected to conclude in April 2024. However, he took an early resignation from the 189-nation organization.
The organisation primarily focuses on poverty reduction and was viewed as a chance for the USA to nominate a leader who can guide the organisation for the better development of less-wealthy nations.
Now, on choosing Banga, the US President said, “In addition to leading organisations through periods of fundamental transformation, he has spent more than three decades founding and managing prosperous, global businesses that attract investment to developing economies and generate jobs.”
“He has a demonstrated track record of leading teams, managing systems, and collaborating with international leaders to produce results,” he concluded.
The 63-year-old Banga received a B.A. in economics from St. Stephen’s College, Delhi University. He was an alumnus of the Indian Institute of Management, Ahmedabad. Previously, he worked for 13 years in India with Nestle; after that, he switched for two years to PepsiCo before joining Citigroup in 1996.
He held a number of positions of increasing responsibility at Citigroup, including CEO of the Asia-Pacific region. The giant entrepreneur joined MasterCard as president and chief operating officer in August 2009 and became CEO in April 2010.
Also Read: Biden Tells Modi That USIBC Deal of Air India-Boeing Will Create 1 Million Jobs in US
