Indian American business leader â€œis uniquely equipped to lead the World Bank at this critical moment in historyâ€
President Joe Biden announced Thursday that the United States is nominating Indian American business leader Ajay Banga, to be President of the World Bank which has two goals â€” to end extreme poverty and promote sustainable prosperity.
Pune, India, born Banga, 63, has â€œextensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank,â€ the White House noted.
â€œAjay is uniquely equipped to lead the World Bank at this critical moment in history,â€ Biden stated. â€œHe 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.â€
Banga â€œhas a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,â€ the President stated. â€œHe also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.
â€œRaised 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,â€ Biden added.
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, Banga has become a global leader in technology, data, financial services and innovating for inclusion. according to his White House profile.
He is 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.
Read: Ajay Banga joins Board of Directors of American India Foundation (January 27, 2016)
Banga became an advisor to General Atlanticâ€™s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc.
He has worked closely with Vice President Kamala Harris as the Co-Chair of the Partnership for Central America.
Banga 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.
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obamaâ€™s Commission on Enhancing National Cybersecurity. He is a past member of the US Presidentâ€™s Advisory Committee for Trade Policy and Negotiations.
Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understandingâ€™s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
Read: Biden nominates former MasterCard exec Ajay Banga to lead World Bank (February 23, 2023)
Born on Nov 10, 1959 in Khadki cantonment of Pune, Maharashtra. Banga is the son of an Indian Army officer, Harbhajan Singh Banga, who retired as a lieutenant-general.
Banga grew up and attended schools across India. After primary education at the Hyderabad Public School in Hyderabad, India, Banga earned a BA (Honors) degree in Economics from St. Stephen’s College, Delhi University and a PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.