World Bank: Ajay Singh Banga will be the chief of the World Bank, the glory of Indian talent in the world.
New Delhi: Former Mastercard CEO Ajay Singh Banga will be the President of the World Bank. US President Joe Biden made this announcement on Thursday. He is the first person of Indian origin to be appointed to this post. Banga is currently the vice president of private equity firm General Atlantic. He has over 30 years of business experience and has held various positions with Mastercard. He has also served on the boards of the American Red Cross, Kraft Foods, and Dow Inc. If the World Bank’s Board of Directors approves his name, he will be the first Indian-American and Sikh-American to reach it. So far no person of Indian origin has reached this position in International Monetary Fund and World Bank. Singh holds a degree in Economics from St. Stephen’s College, University of Delhi.
President Biden said in the statement, ‘ Ajay is uniquely suited to lead the World Bank at this important moment in history. Ajay has spent more than three decades building and managing successful, global companies. These are the companies that create jobs and bring investment to developing economies. He has a strong track record of partnering with global leaders from around the world to manage people and systems and deliver results. 63-year-old Banga has been the President and CEO of Mastercard. He was awarded the Padma Shri in 2016. Banga was due to retire in December 2021 after serving as the head of Mastercard Inc for 12 years. He had set a target of bringing one billion people and five crore micro and small companies into the digital economy by 2025.
Who will replace
The announcement of Banga’s appointment comes days after World Bank chief David Malpass announced he would step down in June. His five-year term was to end in April 2024 but before that he has decided to step down. US Treasury Secretary Janet Yellen said in a statement that Banga’s experience would serve her well in helping the World Bank achieve its goals. The process to appoint Malpas’ successor has begun today but the final selection is expected in early May. First of all, the nomination of Banga has been made public. However, the bank will accept nominations from other countries till March 29. Germany recently said that a woman should be appointed to this post. He said that in the 77-year history of the bank, no woman has sat on this post.
Ajay has served as co-chair of the Partnership for Central America with US Vice President Kamala Harris. He is also a member of the Trilateral Commission. Ajay has been a founding trustee of the U.S.-India Strategic Partnership Forum as well as a member of the National Committee on United States-China Relations. He is also the Chairman Emeritus of the American India Foundation.
