Who is Ajay Banga? Know all about the Indian-American nominated to lead World Bank

Indian-American business executive Ajay Banga has been nominated by the US for the top job at the World Bank. President Joe Biden said the nomination comes at "this critical moment in history". He will succeed David Malpass, a former Trump Treasury official, at the World Bank. Malpass had already stated that he would leave his position by July, months before his term was set to expire. Banga, the vice chairman of General Electric, is most well-known for his tenure as Mastercard's president and CEO.

The World Bank has just begun taking nominations for candidates, and the bank has stated that female candidates would be "strongly" encouraged. The nomination period is scheduled to run until March 29. Generally, the head of the International Monetary Fund is a European, the president of the World Bank is typically an American.

'Critical moment in History,' says President Joe Biden

US President Joe Biden in a statement said that Ajay Banga is "uniquely equipped to lead the World Bank at this critical moment in history," and he "has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change".

"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change," read the statement. 

US Treasury Secretary Janet Yellen endorsing Banga said his 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".

Vice President Kamala Harris in a statement said: "Ajay and I have worked closely together on a new model of public-private partnership designed to address the root causes of migration in Northern Central America. Through that partnership, nearly 50 businesses and organisations have mobilised to generate more than USD4.2 billion in commitments that will create opportunity and hope for people in the region."

Who is Ajay Banga?

• Banga, 63, was raised in Pune and is the son of an Indian Army officer. He is currenty serving as the vice chairman of General Electric, an equity firm with over 30 years of experienece in the Business industry. Prior to stepping down as CEO of Mastercard in December 2021, Banga was at the helm of the payment-processing corporation for 12 years.
• He graduated with a B.A. in economics from St. Stephen's College, Delhi University and later went on to pursue a PGP in Management (equivavlent to MBA) from the prestigious Indian Institute of Management, Ahmedabad.
• Before joining Citigroup in 1996, Banga spent 13 years working for Nestle in India and two years at Pepsico. He then held various positions of increasing responsibility, including CEO of Citigroup's Asia-Pacific area.
• Banga is a fervent supporter of closer connections between India and the US. He said that the Indo-US strategic partnership is the kind of a "mahagathbandhan" and that the "two greatest democracies" can contribute to a better future for the world.
• He is a co-founder of the Cyber Readiness Institute, the vice chair of the Economic Club of New York, and a former member of the Commission on Strengthening National Cybersecurity under former US President Barack Obama. In the past, he also served as a member of the US President's Advisory Committee for Trade Policy and Negotiations.