Overview:
Banga, an American of Indian descent, would effectively replace David Malpass, who recently announced that intends to step down from the position, a year before the end of his term of office in 2024.
US President Joe Biden has nominated Ajay Banga, a former Chief Executive Officer of Mastercard Foundation to become the president of World Bank.
Banga, an American of Indian descent, would effectively replace David Malpass, who recently announced that intends to step down from the position, a year before the end of his term of office in 2024. Malpass had been nominated by former US president Donald Trump.
“Banga has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change,” Mr Biden said in a statement on Thursday, 23 February 2023.
Banga, 63, currently serves as vice chairman at equity firm General Atlantic.
The presidency of the World Bank has always been left to the Americans as the European Union choses the one to head the International Monetary Fund.
The nomination of Banga comes as development partners call for a revamp of the World Bank policies to address global problems like climate change more effectively.
US Treasury Secretary Janet Yellen quoted as saying that lenders’ core models, where countries borrow to make specific investments addressing developmental constraints, is “insufficient to meet the moment.”
Yellen also hailed Biden on the choice of Banga.
“Banga has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history,” she said.
Banga was born on November 10, 1959 in Bombay State, India. His father, Harbhajan Singh Banga is a retired lieutenant-general who served in the Indian Army. He is the younger brother of businessman M. S. Banga.
Banga grew up and attended schools across India and holds a Bachelor of Arts (Honours) degree in Economics from St. Stephen’s College, Delhi University followed by PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.