Indian-American business leader Ajay Banga appointed as World Bank President for 5 years.

The
World Bank on Wednesday confirmed that Indian-American Ajay Banga will be its
next president and said it looks forward to working with him on the World Bank
Group Evolution process.
The
former Mastercard CEO Banga will be taking charge at a pivotal time for the
development lender as it looks to better address climate change.
“The
executive directors of the World Bank today selected Ajay Banga as the President
of the World Bank for a five-year term beginning June 2, 2023,” the bank said
in a press statement.
Banga
to take over the role from David Malpass on June 2.
In
February, US President Joe Biden had nominated the business executive to lead
the World Bank stating he is “well equipped” to lead the global institution at
“this critical moment in history”.
“The
board looks forward to working with Banga on the World Bank Group Evolution
process, as discussed at the April 2023 Spring Meetings, and on all the World
Bank Group’s ambitions and efforts aimed at tackling the toughest development
challenges facing developing countries,” the statement added.
The
president of the World Bank is usually nominated by the American President,
while the head of the International Monetary Fund is customarily a European.
Ajay
Banga, 63, is currently serving as vice chairman at equity firm General
Atlantic. He was previously President and Chief Executive Officer at
Mastercard.
Banga
is the first-ever Indian-American and Sikh-American to head either of the two
top international financial institutions: the International Monetary Fund and
the World Bank.
Banga
was born in Pune, India and completed his bachelor's degree in economics from
St. Stephen's College, Delhi, and later went on to earn an MBA from the Indian
Institute of Management, Ahmedabad.
After
completion of his studies, Banga started his career with Nestle India and then
worked with Citibank in India and Malaysia.
In
1996, he moved to the United States and joined Pepsico, where he worked for 13
years in various roles, including CEO of the company's operations in India and
Southeast Asia.
In
2009, Banga joined Mastercard as its President and Chief Operating Officer and
became its CEO the very next year.
Banga
is a member of various business and non-profit organizations, including the
Business Roundtable, the International Cricket Council, and the US-India CEO
Forum.
Banga
has previously received several awards and honors for his contributions to
business and society.
He
was awarded Padma Shri by the Indian government in 2016.
Source-
TOI
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