Indian-origin Ajay Banga confirmed as the next ’14th’ World Bank President

Ajay Banga – The new president of the World Bank

On Wednesday, The World Bank announced Ajay Banga, a 63-year-old, its next President for a five-year term from June 2, 2023. Banga is the current CEO of Mastercard and will be replacing the President of the World Bank, David Malpass serving as President since April 2019. Banga will be the 14th president of the World Bank.

Ajay Banga got selected by a  team of 25 executive board members. The board followed the selection process agreed upon by shareholders in 2011. He will also lead the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD).

According to the reports, Banga has impressed the shareholders as a “true change-maker”  in recent weeks. His appointment has been seen as a significant milestone for the Indian-American community. Ajay Banga will help accelerate reforms at the global development bank to increase lending to help developing countries address global challenges such as conflict and climate change.

Ajay Banga will help accelerate reforms at the global development bank to increase lending to help developing countries address global challenges such as conflict and climate change.

Here are some facts to know about Ajay Banga:

1. Ajaypal Singh Banga was born in Pune on November 10, 1959, and is an Indian-born American business executive.

2. He graduated in economics from Delhi’s prestigious St Stephen’s College. He studied MBA from IIM, Ahmedabad.

3. He started his career with Nestle, India and worked for 13 years before moving to Pepsico.

4. Banga has served as Vice Chairman at General Atlantic and has been the co-founder of The Cyber Readiness Institute.

5. He also served as an Honorary Chairman of the International Chamber of Commerce from 2020-2022  and is a finance and development expert.

6. Banga is the only contender to have replaced David Malpass, the World Bank chief, economist and former US Treasury official. David Malpass served during the Trump administration and resigned this year in February.

7. His appointment is said to be Historic as Banga has been the first-ever Sikh-American and Indian-American to head the two top international financial institutions – the International Monetary Fund (IMF) and the World Bank.

8. In 2016, Banga got the Padma Shri Award (India’s third-highest civilian award).

9. This year, in February, Banga was also nominated for the post by US President Joe Biden.

10. In 2009, Banga joined Mastercard as the President and CEO  to head its operations in Europe, Africa and the Middle East.

Published by : Aliya Khan