Banga is a founding trustee of the US-India Strategic Partnership Forum and Chairman Emeritus of the American India Foundation
Our Bureau
New Delhi
US President Joe Biden on Thursday nominated former Mastercard CEO Ajay Banga to lead the World Bank. “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. 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. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” read Biden’s statement.
Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, is to be President of the World Bank.
“He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. 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,” read the statement.
The decision comes after World Bank’s President David Malpass earlier said that he will step down almost a year early from his position. Malpass’ exit comes months after calls grew for him to step down after he declined to acknowledge the scientific consensus that fossil fuels were warming the planet.
Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.
Over the course of his career, he has become a global leader in technology, data, financial services and innovating for inclusion.
He is the Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.
He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
US-India Strategic Partnership Forum (USISPF) congratulated Ajay Banga after being nominated by United States President Joe Biden for the President’s role in World Bank and said that the nominee is a tireless believer in strengthening the US-India ties, according to the statement released by USISPF.
Talking about Banga’s nomination, USISPF President and CEO, Mukesh Aghi said, “Ajay, is a tireless believer in both the strength of US-India ties and strengthening the relationship even further. Ajay has been instrumental in setting up USISPF as a founding board member and a vital pillar in our success over the last five years. Ajay’s background in his early years in India, gives him a deep understanding of the emerging market world and bridging the gaps in gender parity and working towards poverty alleviation, issues at the core ethos of the Bank’s mission”. Banga’s work with Citigroup, Mastercard, General Atlantic, and USISPF will allow for a seamless transition to mobilizing resources in public-private partnerships to tackle climate, water resources, food security, and healthcare issues, the statement read.
“It’s another proud chapter in the success stories of the Indian-American diaspora, and I wish Ajay all the best for this new inning,” it added.
Meanwhile, Indiaspora also applauded the nomination of Ajay Banga for President of the World Bank. In a statement, 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, also commented on Banga’s nomination and said that his private sector background will give immense value in enhancing his effectiveness as World Bank President.
As the first Indian-born nominee to this role, Banga brings a lived understanding of the challenges faced by developing nations, he added.
He was born and educated in India before becoming a US citizen in 2007 and would replace David Malpass, Indiaspora said in a statement.
Ajay Banga 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, according to the statement.
