Ajay Singh Banga, who is of Indian descent, has been chosen to lead the World Bank. He will start working there on June 2 and hold it for a period of five years. The World Bank’s 25-member Executive Board selected Ajay Banga to lead the organization on Wednesday. US President Joe Biden made him the recipient of this nomination. Banga will succeed David Malpass as president of the World Bank on June 2.
A person of Indian heritage has never before been chosen to head the World Bank. Ajay worked as vice chairman for one of the largest private equity companies in the world, General Atlantic. He was once the CEO and executive chairman of Mastercard, a major provider of payment cards. Ajay Banga has been in operation for more than three decades. He has served in a number of leadership roles at MasterCard and on the boards of Dow Inc., Kraft Foods, and the American Red Cross.
The 64-year-old was born into a Saini Sikh household in Pune, Maharashtra. His father was a retired lieutenant general who had served in the Indian Army. His lineage goes back to Jalandhar. He graduated from St. Stephen’s College with an economics degree and has an MBA from IIM Ahmedabad. The Indian government awarded him the Padma Shri in 2016.
Ajay Banga is qualified to carry the global institution’s flag at this pivotal juncture in history, according to US President Joe Biden, who announced in February that the US will nominate him for the post. Nirmala Sitharaman, the minister of finance, voiced assurance on Thursday that Ajay Banga will utilize his expertise in business to further the goals of the global lending institution.
The World Bank is made up of 189 countries from across the globe, including India. David Malpass, a choice of former US President Donald Trump, is now its chairman.
