Ajay Banga Appointed to the Lead the World Bank for the Next 5 Years
Ajay Banga, nominated by President Biden is appointed as the President for the World Bank, who will take charge on June 2nd, 2023.
The World Bank has appointed Ajay Banga, an Indian-American executive, as its next president. Banga’s appointment remarks a crucial significance for the development lender, aiming to address climate change on an effective note. Post the board’s approval for his leadership for a five-year term, the board established its excitement to work cooperatively with Mr.Banga on the World Bank Group Evolution process. The leadership will be passed on from David Malpass on June 2nd, 2023.
Followed as a tradition, the president of the World Bank is generally nominated by the American President, while the European extends its nomination support in electing the head of the International Monetary Fund. The 63-year-old Indian-American businessman is currently serving as a vice-chairman at equity firm General Atlantic and has led Mastercard in various consecutive roles such as chief executive officer (CEO), president, and chairman. He was nominated by President Joe Biden to lead the World Bank much earlier.
Mr. Banga was born in Pune, India, and holds a bachelor’s degree in economics from St. Stephen College, Delhi, and a master's in business administration from IIM, Ahmedabad. Post his graduation, Mr. Banga began his working career at Nestle India, and later, worked with Citibank in both India and Malaysia. He, then moved to the United States and joined Pepsico in 1996, and took up multiple roles for nearly 13 years.
Mr. Banga joined Mastercard in 2009 and served as its President and Chief Operating Officer, soon rising to the fame of CEO of the company. Mastercard has undergone a booming expansion under its leadership all around the globe and has introduced innovative payment technologies and solutions. He serves as a member of various business and nonprofit organizations like the Business Roundtable, the International Cricket Council, and the US-India CEO Forum. He served as a vocal advocate in promoting financial inclusion and has worked with varied governments and organizations over expanded access to financial services for underserved populations.