Ajay Banga aka Ajaypal Singh Banga an Indian-American elected as President of the World Bank by the board of trustees after rounds of interviews over four hours. Banga acquires the maximum share of votes from board members. He will assume his duties as a new president from 02 May 2023 by replacing the current president David Malpass.
Malpass has to step down from his position as World Bank President after he received heavy criticism for his stance on Climate Change. Climate activists from all over the world criticized him and demanded his resignation from his current position.
He will continue to lead the world bank for the next five years and work toward abolishing poverty and climate change.
Mr. Banga was nominated by the United States government. He was directly associated with the US government in the Biden administration where he was working as Chairman for Public Private Partnership for Central America with vice president Kamal Harris. He also worked with Obama Administration in the past.
Ajay Banga was born and brought up in Maharashtra, India. His father was a high-ranked army official in India. His brother M. S. Banga is a famous businessman. He completed his education at elite colleges and business schools in India. Such as he did his graduation in economics from St. Stefan’s College Delhi, India, and Management studies from IIM Ahmedabad, India. He become a U.S. citizen In 2007.
Ajay Banga Has a tremendous portfolio and it is impossible to cover all his achievements.
After studying, he went to the United States to perceive a career in finance. Where he works in various companies Nestle, Pizza Hut, PepsiCo, and Citi Bank. Most notoriously he works as COO followed by CEO of Master Card for 11 years and contributed significantly to the companies’ global rise. That caused the company’s valuation to reach $300 Billion from $30 billion.
Before joining the United government advisor, He also served as head of the International Chamber of Commerce(ICC).
He also received several awards for his achievements, leadership, and social work including the Padmashree award from his home country’s president.
He also holds an active position in different organizations such as working as a member of the board of directors in Axor, Temasek Holdings, BeyondNetZero, and DOW Chemical Company as stated on Wikipedia. Also Co-chair and member in several non-profit organizations.
World Bank is actively involved in various programs worldwide such as the Eradication of poverty, and creating positive change toward Climate change. Ajay Banga is the right person for this post for sure.