President Biden Nominates Ajay Banga as the Next World Bank Head

By siliconindia   |   Tuesday, 28 February 2023, 00:18 IST
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President Biden Nominates Ajay Banga as the Next World Bank Head

Ajay Banga, an Indian-American business executive will likely become the head of the world bank, post Mr. Malpass’ step down, as the Biggest shareholder enhances its support for Mr. Banga.                   

President Joe Biden has extended his support for an Indian-American business executive, Mr. Ajay Banga, in leading the World Bank. The 63-year-old successful businessman will likely be the first Indian-American to lead either of the top international financial institutions, the International Monetary Fund and the World Bank, post the confirmation by the World Bank board of directors. His predecessor Mr. David Malpass, elected by the former US president, Donald Trump will step down from his position on June 30, a year prior to his five-year term rule.

US’s nomination, per its majority in shareholders, is critically the finalized leader to date, where Banga holds a firm ground of chance. The president of the World Bank has served as an ex-chairperson of the Board of executive directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Furthermore, they are chairpersons of various UN bodies like the Board of Directors of the International Finance Corporation (IFC), the Administrative Council of the International Center for Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA).   

Raised in India, Mr. Ajay Banga holds a Bachelor’s degree in Economics, and an MBA degree from the Indian Institute for Management, Ahmedabad. He made enormous contributions, serving in Nestle, Pepsico, and Citigroup, and has served as the president and the CEO of Mastercard, the financial services company.

Mr. Banga was awarded Padma Shri in 2016 by the president of India and has initiated varied talks with Indian Prime Minister, Shri Narendra Modi over India’s prospects in the US business community. He is currently serving as Vice Chairman at General Atlantic, a private equity organization and has served as a member of President Obama’s Commission on Enhancing National Cybersecurity.