Ajay Banga, the former chief executive officer of Mastercard, was on February 23 announced as the United States' nominee for the president of the World Bank.
Banga is "uniquely equipped to lead the World Bank at this critical moment in history", US President Joe Biden said in a statement, adding that he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change."
Treasury Secretary Janet Yellen said Banga’s experience "will help him achieve the World Bank's objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes needed to effectively evolve the institution," which include meeting "ambitious goals for climate adaptation and emissions reduction".
Here are 10 things to know about Ajay Banga:
- Banga is the first Indian-born nominee to the World Bank president role. If appointed, he will be succeeding David Malpass, a Donald Trump-era appointee who announced weeks ago that he will be stepping down in June.
- Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods and Dow Inc. He has also worked with Citigroup, Pepsico and Nestle, among others.
- He was at the helm of Mastercard for 12 years, before retiring as its CEO in December 2021. Under Banga's tenure, a target was set by the company to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025.
- Banga also serves as co-chair of the Partnership for Central America - a coalition of private sector organisations - where he worked closely with US Vice President Kamala Harris to mobilise public, private and non-profit resources for Northern Central America.
- Banga has a considerable amount of experience working closely with the US government. In February 2015, he was appointed by then-President Barack Obama to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.
- Now a US citizen, Banga's early life was spent in India. He was born in Pune, in the western state of Maharashtra, on November 10, 1959. His father, Harbhajan Singh Banga, had served in the Indian Army and retired as a lieutenant general.
- In terms of educational background, Banga holds a Bachelor of Arts degree from New Delhi's St Stephen's College, and PGP in Management, which is equivalent to an MBA, from the prestigious Indian Institute of Management (IIM), Ahmedabad.
- Apart from being recognised for his work in the United States, Banga has also been honoured in India. The Indian government had, in 2016, awarded him with a Padma Shri, which is the fourth highest civilian honour.
- As reflected in Biden's statement, Banga's nomination as the World Bank chief aims to bring climate change to the centre of the 189-nation poverty reduction agency. Banga is known for publicly voicing his concern over the challenge of combating climate change. Mastercard, under his tenure as the CEO, had led the initiative in 2020 to create the Priceless Planet Coalition -- a group of about 100 companies who were committed towards making corporate investments to prevent the deterioration of the environment.
- Banga is also a strong advocate for stronger ties between India and the United States. In 2019, he said the Indo-US strategic partnership is the kind of "mahagathbandhan" that the world needs, adding that the "two greatest democracies" can make a positive difference in the world. On Indian Prime Minister Narendra Modi, Banga had in 2014 said that "he is taking right steps", and "if he (Modi) implements them, India will be on a different development trajectory".
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