United States President Joe Biden on February 23 announced the nomination of former Mastercard CEO Ajay Banga to lead the World Bank. The 63-year-old Indian-American Padma Shree awardee is currently serving as vice chairman at equity firm General Atlantic. Banga stepped down as Mastercard CEO in 2021.
While making the announcement of Banga’s appointment, Biden said: “He is uniquely equipped to lead the World Bank at this critical moment in history... He has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change.”
A senior US administration official said: “At Mastercard and General Atlantic, Ajay has made combating climate change and mobilising private capital to help power the green transition a priority,” and added that these experiences and priorities will “guide and drive his work in the years ahead at the World Bank”.
Also read: Who is Ajay Banga? 10 things to know about US' nominee for World Bank chief
US Vice President Kamala Harris said "Ajay Banga will be a transformative World Bank President. I have seen firsthand the great insight, energy, and persistence he brings to address global challenges and promote economic opportunity – and I look forward to continuing to work together".
US Treasury Secretary Janet Yellen lauded Biden’s decision to appoint Banga and said: “He has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history.”
She further said that his record of “forging partnerships between the public sector, private sector, and non-profits will serve him in helping to mobilise the private capital and press for the reforms needed to meet our shared ambitions”.
Special Presidential Envoy for Climate John Kerry too heaped praises on the new World Bank chief and said: “Ajay has proven his ability as a manager of large institutions, and understands investment and the mobilisation of capital to power the green transition. He can help put in place new policies that help deploy the large sums of money necessary to reduce global emissions and help to develop and vulnerable countries adapt, build resilience, and mitigate the impact of greenhouse gases.”
Back home, Trinamool leader Derek O’Brien took to Twitter to trace his humble journey from a Nestle executive in Kolkata, West Bengal, 30 years ago, to leading the World Bank.
He wrote: “What a champion you are, Ajay Banga. From the Kolkata Branch Manager of Nestle dreaming up the Maggi Quizzes three decades ago, to this!”
Lawrence H. Summers, professor at Charles W. Eliot University and President Emeritus at Harvard said "Banga was seen as a visionary and highly, highly successful leader of Mastercard, which was substantial in its global vision. He has a huge opportunity to bring about transformation".
Summers was also the secretary of the Treasury for President Clinton and director of NEC for former US President Obama.
The managing director of the International Monetary Fund Kristalina Georgieva tweeted saying Banga's leadership skills and drive for innovation are well known. "But even more so I admire his commitment to sustainable development, to do good and help those most in need," she added.
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