US President Joe Biden nominated Ajay Banga as the new head of the World Bank. If confirmed, he is going to be the first Indian-American to head the institution. Read to know more about him.
Who is Ajay Banga?
Ajay Banga is a 63-year-old Indian American business executive. On Thursday, he was nominated by US President Biden to head the World Bank. Raised in India, he did his schooling at Hyderabad Public School and earned a Bachelor’s in Economics from St, Stephen College in India. Later on, he did his MBA from the Indian Institute for Management, Ahmedabad. In his official statement, Biden described him as “uniquely equipped to lead the World Bank at this critical moment in history”. “Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” he added.
Banga’s confirmation will be subject to formal voting by the executive directors of the institution. However, with the US being the biggest shareholder, its nomination is usually selected. The institution was previously headed by David Malpass, a US banker who stepped down about a week ago. He was picked by then US President Doland Trump. Malpass will be officially leaving on June 30, about a year before the end of his five-year term.
More about Ajay Banga:
Ajay Banga began his career in 1981 at Nestle. Later he joined Pepsico and Citigroup. previously, he was the CEO and president of Mastercard. He was awarded the Padma Shri, the fourth-highest civilian award by the President of India in 2016. He is currently serving as the Vice Chairman of General Atlantic. As per his profile on the company’s website, “throughout his career, he has served as an advisor to governments, companies and organizations of all kinds”. During President Barak Omaba’s term, he was a member of the Commission on Enhancing National Cybersecurity.
As per the Official White House briefing, Ajay Banga is an honourary chairman of the International Chamber of Commerce. Additionally, he has been on the managing boards of Dow Inc., Kraft Foods, and the American Red Cross. “Ajay has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America,” stated the official briefing. Additionally, he was a founding trustee of the Strategic Partnership Forum between India and the US and the Chairman Emeritus of the American India Foundation. He is also a former member of the National Committee on United States-China Relations.
