Guwahati: Former Mastercard CEO Ajay Banga was proposed by US President Joe Biden on Thursday (local time) for the position of World Bank president.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” read Biden’s statement.
The World Bank will be led by Banga, a corporate executive with vast experience building effective organisations in poor nations and creating public-private partnerships to solve issues like financial inclusion and climate change.
“He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” read the statement.
The decision was made after World Bank President David Malpass announced that he will leave his office nearly a year early.
Malpass’ resignation comes months after calls for him to resign mounted as a result of his refusal to accept the scientific consensus that fossil fuels were responsible for global warming.
Climate campaigners criticised Malpass in September when he declined to say if he agreed with the scientific consensus that burning fossil fuels was endangering global warming.
Banga is the vice chairman of General Atlantic at the moment. Prior to this, he led the corporation through a strategic, technological, and cultural revolution as President and CEO of Mastercard.
He has developed into a world leader in technology, data, financial services, and innovation for inclusion over the course of his career.
He will hold the position of Chairman of the International Chamber of Commerce from 2020 to 2022 as the Honorary Chairman. In addition, he serves as Independent Director at Temasek and Chairman of Exor. When BeyondNetZero, General Atlantic’s climate-focused fund, was established in 2021, he joined as an advisor.
He has previously held positions on the boards of Dow Inc., Kraft Foods, and the American Red Cross. In his capacity as the Partnership for Central America’s Co-Chair, Banga has collaborated closely with Vice President Harris.
He is a current member of the National Committee on United States-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.
He was a member of President Obama’s Commission on Improving National Cybersecurity, co-founder of The Cyber Readiness Institute, vice chair of the Economic Club of New York, and vice chair of the Economic Club of New York. The US President’s Advisory Council for Trade Policy and Negotiations previously included him as a member.
In addition to receiving the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, Banga also received the Foreign Policy Association Medal in 2012, the Padma Shri from the President of India in 2016, the Padma Shri, and the Distinguished Friends of Singapore Public Service Star in 2021.
The 187-nation World Bank provides loans to developing nations in an effort to fight poverty. Malpass was selected to lead the World Bank in 2019 by former US President Donald Trump for a five-year term. The United States traditionally appoints its president because it is the largest stakeholder.