Who is Ajay Banga? Know all about the nominee to lead the World Bank

Who is Ajay Banga? On Thursday February 23, US President Joe Biden nominated Ajay Banga as the new leader of the World Bank. Banga formerly served as the CEO of Mastercard.

On making the announcement, Biden emphasised Banga's track record of success in mobilising public and private resources at multiple organisations to address urgent issues like climate change. He is the first candidate from India to run for World Bank president.

We congratulate Ajay Banga on being the U.S. nominee to lead the World Bank. His impact on our business and in advancing inclusive growth across the globe is well documented. We look forward to our continued work with the World Bank and with Ajay, if appointed by the board. pic.twitter.com/DxZjznNafi

— Mastercard News (@MastercardNews) February 23, 2023

American banker David Malpass presided over the World Bank Group until he stepped down a little more than a week ago. On June 30, Malpass will go, roughly one year before the end of his five-year term. He was picked by the US president at the time, Donald Trump, in 2019.

Who is Ajay Banga? Know all about the nominee to lead the World Bank 

Banga grew up in India. After graduating from Hyderabad Public School, he attended the University of Delhi's St. Stephen's College to receive a Bachelor of Arts in Economics. He later attended the Indian Institute for Management, Ahmedabad, to do MBA.

He started off with Nestle in 1981 and then joined Pepsico and Citigroup. A financial services company called Mastercard employed him as its president and CEO. Immediately following his election, Prime Minister Narendra Modi and Banga met in New York in 2014 to explore India's prospects in the US corporate world. The Indian President also presented Banga with the Padma Shri in 2016.

Another phenomenal addition to the list of Indian origin leaders at the helm of globally impactful organisations.Congrats #AjayBanga on being nominated as the next President of the @WorldBank The perfect choice !!!@PMOIndia @ficci_india @wef @IMFNews @CIIEvents pic.twitter.com/HoVV5ZE3jk

— Dr. Sangita Reddy (@drsangitareddy) February 23, 2023

Ajay Banga is currently appointed as vice chairman at the private equity business General Atlantic, a US private equity firm that has reportedly spent more than $800 million in solar energy, sustainable agriculture, and EV charging options, according to administration officials.

He is a current member of the National Committee on US-China Relations, a founding trustee of the US-India Strategic Partnership Forum, a member of the Trilateral Commission, and the Chairman Emeritus of the American India Foundation.

- PTC PUNJABI