Ajay Banga, the candidate for the post of President of the World Bank. file | Photo Credit: AP
India on March 2 backed the candidature of Ajay Banga as the President of the World Bank, saying his nomination comes at a time when the multilateral lending agency is considering next-generation reforms.
“Congratulations to Shri Ajay Banga on being nominated to lead the @WorldBank. India supports Mr. Banga’s nomination and looks forward to his leadership of the @WorldBank,” the Finance Ministry said in a series of tweets.
Last month, US President Joe Biden announced that the US was nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader was best suited to lead the global institution at “this critical moment in history”. specially equipped for If confirmed by the World Bank’s board of directors, Mr Banga will be the first Indian-American and Sikh-American to head either of the two top international financial institutions – the International Monetary Fund and the World Bank.
“Mr. Banga brings with him unique and wide-ranging expertise in #financial and #tech sectors, rich experience in investing in #developing economies and guiding large organizations creating jobs and mobilizing large scale resources,” a said in another tweet.
Mr. Banga’s rich experience will stand him in good stead as the World Bank considers next-generation reforms to meet its ambitious agenda to reduce poverty, expand prosperity, and address the global challenges of our time. doing. ,
India and other developing nations are pressing for reforms to give them a greater voice at the multilateral funding agency.
Mr. Banga, 63, currently serves as vice president at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016.
The White House said Mr. Banga is a business leader with extensive experience leading successful organizations in developing countries and public-private partnerships to address financial inclusion and climate change.
He is Honorary President of the International Chamber of Commerce, serving as President from 2020–2022. He was also the chairman of Exor and an independent director of Temasek. He became an advisor to BeyondNetZero, General Atlantic’s climate-focused fund, at its inception in 2021.
He previously served on the boards of the American Red Cross, Kraft Foods, and Dow Inc. Mr. Ajay has worked closely with Vice President Kamala Harris as co-chair of the Partnership for Central America.
He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.