Ajay Banga, an Indian American and the former CEO of Mastercard, was nominated by US President Joe Biden on Thursday to manage the World Bank. Statement of Biden noted that Ajay is particularly prepared to lead the World Bank at this important historical moment.
He has spent more than three decades creating and running successful international businesses that create jobs, attract investment to emerging markets, and support organisations through moments of profound transformation.
President Joe Biden continued, Ajay has a demonstrated track of managing people and systems and working with world leaders to get the greatest results.
Ajay Banga will lead the World Bank as president. He has vast experience running successful institutions in developing countries and establishing public-private partnerships to address financial inclusion and climate change.
The statement said that Banga also has significant expertise in bringing together public and private resources to address today’s most important problems, including climate change.
Due to his Indian upbringing, he had a distinctive perspective on the opportunities and problems facing developing countries and how the World Bank could carry out its bold plan to reduce poverty and increase prosperity.
After David Malpass, the president of the World Bank, announced that he would be leaving his position nearly a year early, the US president made a choice. After being criticised for refusing to accept the scientific consensus that fossil fuels were warming the world, Malpass resigned months later.
He also fronted criticism from climate campaigners in September after he denied confirming during a climate panel whether he abode the scientific consensus that burning fossil fuels rarely harmed the world, as per the reports.
When Banga was President and CEO of Mastercard, he led the company through a technological, strategic, as well as cultural revolution. Currently, Banga serves as Vice Chairman at General Atlantic.