President Biden Waving Flags for an Indian-American to Lead the World Bank

By siliconindia   |   Tuesday, 28 February 2023, 00:32 IST
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President Biden Waving Flags for an Indian-American to Lead the World Bank

The former CEO of Mastercard is nominated by President Biden as the President of the World Bank.         

President Biden has confirmed Mr. Ajay Banga, the former CEO of Mastercard’s, nomination to lead the World Bank. He upholds the esteem of the first Indian-born nominee to the president role of the World Bank. 

The Indian-origin leader holds nearly 30 years of business experience and is serving as the vice-chairman at private equity firm General Atlantic currently. Mr. Banga has made pivotal contributions at Mastercard, and on the boards of the American Red Cross, Kraft Foods, and Dow Inc. Following the retirement of the present head, Mr. David Malpass of the World Bank, post his five-year term, Mr. Banga will take over the leadership. President Biden has remarked on Mr.Banga's critical experiences in addressing global challenges, especially in the climatic arena. He added that Mr. Banga is highly equipped to lead the World Bank, per his critical experience to mobilize public-private resources, tackling soaring challenges.

The US treasury secretary, Janet Yellen has also expressed her pleasure in Mr. Banga’s nomination, referring that his proven experience will likely play a crucial role in eliminating extreme poverty, and expanding prosperity, in addition to making timely evolutions in the institution. He will proceed over the ambitious goals of the World Bank for climate adaptation and emissions reduction.

The office nomination has begun in recent times, and will likely be effective till May 2023, favoring wide nomination options over the presidency. Mr. Banga is the first nomination to be announced publicly, which will likely be followed by the neighboring nations in the upcoming months.

The veteran has played an indispensable part in Mastercard Inc, achieving an established target of adding one billion people and 500 million micro and small businesses to the digital economy. He is a co-chairperson of the Partnership for Central America, where he made joint contributions with the US vice-president Kamala Harris in mobilizing public, private, and non-profit resources.