In an unexpected move, President Joe Biden will nominate Ajay Banga as the World Bank’s next president as United states presses the institution to increase its financial clout.
Ajaypal Singh Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was president and CEO of Mastercard, leading the company through a strategic, technological, and cultural transformation.
Mr. Banga was born in the Khadki cantonment of Pune. He graduated from Delhi University and completed his MBA at the Indian Institute of Management in Ahmedabad.
The Government of India awarded Mr. Banga the civilian honour of the Padma Shri in 2016 in the field of trade and industry. He was also awarded the Foreign Policy Association Medal in 2012.The Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
According to a statement by the US President, Mr. Banga has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.
The New York Times writes that “if confirmed, Mr. Banga will bring vast experience running large organisations and deep knowledge of the digital economy. Raised in India, he would bring a firsthand understanding of the challenges that developing countries face.”
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